Dow Chemical Co., PepsiCo Inc. and Procter & Gamble Co., three majour producers of consumer products, are investing about 90 millions US$ in order to fight with their gifts to Asians: Plastics. They are showing up that they are going to clean up the ocean pollution in Asia, and are trying to demonstrate that these projects could be viable investments. However who doesn’t know that all 3 companies are responsible for the global nature pollution?
Details of this investment model is expected to be announced before the end of October and it will be directed by a New York-based Circulate Capital LLC., during an Ocean Conference that is supported and hosted by the government of Indonesia in Bali. Other expected contributors to the fund raising conference include Group Danone SA, Unilever NV and Coca-Cola Co.
Organizers of the so called conference have said that: “They hope to show that private capital can help to kick start investment in plastics waste management in Asian countries that generate significant amount of marine pollution” They believe that their countries are in lack of necessary resources to have more powerful waste management for their packaging wastes produced by their growing consumer societies.
In this respect, Rob Kaplan, the CEO of Circulate Capital, has said that: “Institutional investors are unwilling to allocate to this sector because of a ’missing middle‘ — proven entities that demonstrate a track record of profitability and offer a robust pipeline of investment prospects” He also added: “By partnering with the world’s leading corporations, many of which are direct competitors, we can leverage their patient capital and technical know-how to build on-ramps for institutional capital at scale over the longer-term.”
To the same respect, the giant chemical producer Dow has reacted as: “It sees the effort as a supporting practical method of reducing plastics waste crisis and the ocean pollution.”
“Circulate Capital’s initiative is important because it empowers local people in the regions most impacted by waste to develop actionable and scalable solutions within their communities,” said the president of Dow Packaging and Specialty Plastics (Diego Donoso). He added: “There are many people with both the ideas and the resolve to tackle this waste challenge and Dow is proud to help provide the capital to make those ideas into solutions.”
The environmental group Ocean Conservancy will participate with Circulate Capital at the Oct. 29 event, and said the announcement builds on work at the same conference last year, in Malta, that saw the companies and groups pledge $150 million to combat plastic marine litter.
At the time, the Washington-based Ocean Conservancy estimated it would take three to five years to get the fund fully operational.
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