Mondelez is investing in Circulate Capital’s Ocean Fund (CCOF) in a bid to accelerate international efforts in plastic waste collection and recycling.
The company reportedly aims to use its investment to increase the collection of flexible films used by the FMCG industry.
According to the producer, these films have historically been notoriously difficult to collect, reuse and recycle.
The fund is currently launching operations across India and Southeast Asia to finance waste management, recycling, and circular economy start-ups.
READ MORE: Mondelez commits to net zero by 2050
Mondelez wants to finance the collection of a higher volume of flexible plastics than it produces in the area.
The effort will contribute to Circulate Capital’s target to prevent over 13 million tonnes of plastic pollution leakage and 17 million tonnes of carbon emissions by 2030.
“This investment marks a pivotal step forward in our contribution to a circular economy for plastics and is a clear demonstration of our long-term goal of net zero waste,” Mondelez chief executive Dirk Van de Put said.
“This partnership will help fund businesses that are trying to fill systemic gaps in the collection, sorting and reuse of plastic waste, including flexible film.”
Circulate Capital chief executive Rob Kaplan added: “Adding Mondelez International to our list of global partners is a reflection of the significant impact our portfolio companies have made thus far.”
“This additional catalytic capital will also help CCOF reach our expected environmental impacts by 2030.”