Mondelez International, one of the world's largest snacks companies, has infused a noteworthy investment in Circulate Capital Ocean Fund (CCOF), an impact-focused investment management company that looks for solutions for plastic waste collection.
Commenting on the investment, Mondelez said that the funding will be used to support advancements in infrastructure to physically sort, collect and recycle packaging — especially flexible plastic packaging — thereby backing a circular pack economy.
For the uninitiated, Circulate Capital Ocean Fund is one of the first investment funds globally to address plastic calamity in India and Southeast Asia.
The fund offers financing to recycling, waste management, and circular economy startups and small- and medium-sized enterprises across India, Thailand, Vietnam, Indonesia, and the Philippines.
Mondelez claims that CCOF looks forward to identifying recycling collection solutions and gathers funding to replicate and scale by collaborating with large companies.
It invests in firms that looks forward to addressing local infrastructure bottlenecks for plastics, including flexibles.
Mondelez – the maker of popular Dairy Milk chocolates and Oreo cookies – have been increasing stakes on solving the plastic crisis in the country where recycling plastic packaging waste produced by large, fast-moving consumer goods is difficult.
The plastic packaging waste that remains undisposed leads to growing plastic population crisis in India.
Earlier this year, the firm awarded funding to Hasiru Dala, a Bengaluru-based NGO that will pilot a project to recycle MPL (multi-layered packaging) waste to build substitutes to plywood that can be used by consumers and commercially.
The process set out a goal to alter 600 tonnes of MLP leftover per year into WoW boards used to build things other than its application in building and construction.
Moreover, the investment in CCOF is another major step towards focusing on the issues of recycling and multi-layered packaging waste in India.