The Closed Loop Circular Plastics Fund has received a $10m investment from Japanese multinational banking and financial services institution Sumitomo Mitsui Banking Corporation (SMBC).

The investment partnership aims to advance the recovery and recycling of rigid and flexible polyethene (PE) and polypropylene (PP) plastics in the US and Canada.

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The Fund is a key part of Closed Loop Partners’ strategy to focus on PE, PP and flexible plastics. It also provides debt and equity financing and mainstream investments into recovery and recycling solutions and infrastructure to help address bottlenecks in the recycling system.

Fund performance is benchmarked according to a combination of financial and impact outcomes. This includes tonnes of PE and PP impacted and tonnes of greenhouse gas emissions avoided or reduced.

With its investment, SMBC joins institutions such as LyondellBasell, Nova Chemicals and Chevron Phillips Chemical.

SMBC group chief sustainability officer Masayuki Takanashi commented: “SMBC is committed to sustainability while identifying partnerships that leverage our expertise and strong footprint in the Japan and Asia Pacific region.

“Our team is proud to partner in the Closed Loop Circular Plastics Fund’s catalytic, impact-first effort to accelerate infrastructure, equipment, municipal services, as well as innovation and enabling technologies related to flexible films and specific plastic types.”

In April, Closed Loop Partners managed the launch of two reusable bag pilots across three US states through The Consortium to Reinvent the Retail Bag.

SMBC is the commercial banking subsidiary of Sumitomo Mitsui Financial Group, one of Japan’s largest financial institutions.