None of these executives are smiling. They have launched the fund in an effort to clean up the oceans and prevent plastics from entering the evironment in the first place. Left to right: Rob Kaplan (Founder & CEO, Circulate Capital), Bambang Candra (Asia-Pacific Commercial Vice President, Dow Packaging and Speciality Plastics), Matt Echols (Vice President, Communications, Public Affairs and Sustainability, Coca-Cola Asia Pacific), and Matt Kovac (Executive Director, Food Industry Asia)
A venture capital fund management company in Singapore has launched a $US100 million plastic pollution fund in an effort to curtail the flow of plastics into the oceans of Asia. The partners of the fund, the Circulate Capital Ocean Fund (CCOF), include some of the largest conglomerates whose product packaging is often seen in coastal cleanups, including The Coca-Cola Company, PepsiCo, Procter & Gamble, Dow, Danone, Unilever, and Chevron Phillips Chemical Company.
The fund will finance debt and equity financing for regional waste management efforts, and recycling and circular economy startups that are fighting what the fund calls a plastic crisis.
“The good news is that we are able to reduce nearly 50% of the world’s plastic leakage by investing in the waste and recycling sector in Asia, and even more if we invest in innovative materials and technologies,” Rob Kaplan, CEO of Circulate Capital said in a statement released to the media. “This is why we are here in Singapore—a strategic hub of Southeast Asia—to prove that investing in this sector is scalable for the region and can generate competitive returns while moving closer to solving the ocean plastic crisis.”
About 60 percent of marine plastics originate from Southeast Asia, with China, Indonesia, Philippines, Thailand and Vietnam the top five ocean polluting countries in the world. A large portion of these pollutants can most likely be traced to the conglomerates that are contributing to the fund. They have realized that without efforts from industry, the marine plastic pollution problem cannot be corrected.
“Financing alone cannot solve the ocean plastic crisis,” the fund wrote in its press release. “It requires a full suite of solutions from policy and corporate commitments to financial incentives and changes in CONSUMER BEHAVIOR.”
“For the beverage sector, the more recycled content used in any type of packaging such as 100% recyclable plastics, the lower the carbon footprint. That’s why at Coca-Cola we have invested in Circulate Capital and have committed to collect and recycle the equivalent of every bottle or can we produce by 2030. Beverage packaging does not need to become waste. By investing in the waste collection and recycling sector in this critical region, it can become a valuable material used again and again—a step closer towards a circular economy,” said Matt Echols, Vice President, Communications, Public Affairs and Sustainability Coca-Cola Asia Pacific.
Circulate Capital was created in collaboration with Closed Loop Partners and Ocean Conservancy, and our founding investors include PepsiCo, Procter & Gamble, Dow, Danone, Unilever, The Coca-Cola Company and Chevron Phillips Chemical Company LLC, the fund wrote.
Many people want to blame brands for the plastics that end up into the ocean, as if a company such as Coca Cola tells you to throw the bottle in the ocean. They don’t. But those bottles still end up in the ocean.
We as consumers have to find ways to minimize the plastic, paper, tin, e-waste etc. that we use everyday from leaking into the ocean. The solution can be as simple as buying less. Reduce and then refuse.
If you can do without soda, that’s one less consumer and one less plastic bottle that ends up in the ocean.
If you can do without SPAM, that’s one less tin can that ends up in the ocean.
See where you can cut down. Imagine if 8 billion people cut down on soda intake, do the math.
Reduce your use of online shopping. For example, according to Fast Company, about 165 million packages are shipped every year in the United States. That equals about 1 billion trees. That is a lot of cardboard that gets, for the most part thrown away, with much of it ending in the oceans.
In the Philippines, online shopping portal Lazada broke records for Singles day last November 11. It reported that a single shopper spent P1.2 million, and more than one million products were sold during the first hour of the online shopping sale. Imagine what the total was for the entire day. Filipinos spent 205 million minutes shopping on the website November 11. A sample of the breakdown, according to Interaksyon, is telling: More than 200,000 toys and games were sold, 13 million diapers, 240,000 pairs of sneakers and 10,000 pieces of luggage. That is not to mention 348 pre-ordered cars.
Where does all that packaging go? It has to go somewhere. Lazada and the maker of Pampers are not entirely responsible for the waste that is generated, the consumer is. The consumer is responsible for what is purchased. Companies though are beginning to take notice in how their products are packaged. Coca Cola announced that Coca Cola Sweden is the first to adopt 100 percent recycled plastic for its products. The company says the switch will prevent the use of 3,500 tons of virgin plastic each year and 25% fewer CO2 emissions.
Reusable glass water bottles at Hyatt Regency Amsterdam
In an effort to reduce its global use of plastics, Hyatt Hotels Corp. announced that it is launching three global initiatives to reduce its use of single-use plastics. As part of its efforts, the company will phase out its use of single use bottles of shower gel, shampoo, conditioners and lotions, and replace them with what the company calls large format bathroom amenities.
It will increase the number of water stations (once known as water fountains) in key public spaces on its hotel grounds worldwide so guests can refill their own reusable water bottles; and it will serve water in carafes or other reusable containers for meetings and events, with bottled water available upon request.
“At Hyatt, our purpose – we care for people so they can be their best – guides all business decisions, including our global sustainability framework, which focuses on using resources responsibly and helping address today’s most pressing environmental issues,” Mark Hoplamazian, president and CEO, Hyatt said in a statement released to the media. “Plastic pollution is a global issue, and we hope our efforts will motivate guests, customers and, indeed, ourselves to think more critically about our use of plastic.”
The company rethinking its use of plastic is not new. It has already removed plastic straws and drink picks from its hotels, and has made alternatives available. Hyatt properties around the world have already done away with many single use plastics, and have solutions in place, including:
• In-house water bottling plants that reuse glass bottles and replace single-use bottles. Hotels with this solution currently include Alila Villas Koh Russey, Alila Manggis, Alila Ubud, Alila Villas Uluwatu, Alila Bangsar, Alila Jabal Akhdar, Hyatt Regency Addis Ababa, Hyatt Regency Delhi, Andaz Costa Rica Resort at Peninsula Papagayo and Park Hyatt Maldives Hadahaa.
• Reusable bottles distributed to all guests at check-in at resorts such as Hyatt Regency Maui Resort and Spa, Andaz Maui at Wailea Resort, Grand Hyatt Kauai Resort & Spa, Hyatt Ziva Cancun, Miraval Arizona and Miraval Austin.
• Filtered water spouts installed in all guest rooms at Park Hyatt Istanbul - Macka Palas to provide fresh drinking water.