Chevron Phillips Chemical Company LLC reinforced its commitment to environmental stewardship by making a $15 million investment in the Circulate Capital Ocean Fund (CCOF). This is the world's first investment fund dedicated to incubating and financing companies and infrastructure that prevent ocean plastic in South and Southeast Asia.
"Our company has a vision to help create a fully circular economy where every piece of post-consumer plastic ends up where it should be, finding new uses through recycling, reuse or repurposing," said Jim Becker, vice president of polymers and sustainability at Chevron Phillips Chemical.
"Our investment with Circulate Capital plays an important role in ensuring plastics continue advancing the sustainable economy. In conjunction with Circulate Capital and so many other industry leaders, we look forward to identifying solutions with the potential for lasting change and achieving the goal of zero plastic waste entering our environment."
CCOF will provide financing to companies and projects to build circular supply chains that can deliver and re-capture resources at scale while preventing the flow of plastic pollution into oceans in South and Southeast Asia. Circulate Capital has identified more than 200 potential investment opportunities across a range of industries in the region, with their first investments targeted in the coming weeks.
This significant contribution marks the third major enhancement in 2019 to Chevron Phillips Chemical's sustainability initiatives focused on preventing ocean plastic waste. Earlier this year, the company served as a founding member of the Alliance to End Plastic Waste, a nonprofit pledging more than $1 billion with a goal of investing $1.5 billion over five years to eliminate unchecked plastic waste in the environment. In April, Chevron Phillips Chemical expanded its efforts to eliminate plastic pellet spills by becoming a member of Operation Clean Sweep Blue (OCS Blue), an international program with a rigorous commitment to pellet loss reduction.