The new £1m ‘Flexible Plastic Fund’ is a UK first and will allow households and businesses alike to recycle flexible plastics that are not often able to be recycled by many places.
Backed by some of the biggest names in the industry (Mars, Mondelēz International, Nestlé), the new fund’s aim is to create a circular, UK based flexible plastic recycling market.
The price of Flexi plastic will be fixed therefore making it more valuable. This will incentivise recyclers to invest in machinery and jobs to help improve the current system.
The new initiative will see at least 80% of plastics collected being recycled in the UK – rising to 100% by 2023. All the material collected will be fully traceable through its journey into new products.
Announcing this new fund couldn’t have been more timely, with COP26 just around the corner, the government intend to clamp down on the industry over its plastic pollution.
“The Flexible Plastic Fund is a really important initiative to show that flexible plastics can be recycled and be financially sustainable.”said Trewin Restorick CEO and co-founder of Hubbub.
It’s great to see some of the biggest companies come together to create a positive affect on the environment 👏