LyondellBasell invests in first close of the plastic circularity fund
Sustainability

LyondellBasell invests in first close of the plastic circularity fund

This fund will focus on investments providing solutions to reduce pollution from plastic waste

  • By ICN Bureau | September 14, 2023

LyondellBasell announced its investment in the first close of the Lombard Odier Investment Managers (LOIM) Plastic Circularity Fund SCSPp.

This fund will focus on investments providing solutions to reduce pollution from plastic waste and decrease greenhouse gas emissions in the plastic value chain. This includes investing in companies offering innovative plastic materials designed for reuse and recyclability, and improved collection, sorting and recycling solutions. LyondellBasell has committed a total of $44 million since 2021 to venture capital funds.

“Advancing circular solutions to meet the global challenge of plastic waste requires engagement and collaboration across the value chain to increase available material supply to meet the robustly growing demand for sustainable products,” said Yvonne van der Laan, Executive Vice President, Circular and Low Carbon Solutions at LyondellBasell. “LOIM’s Plastic Circularity Fund aligns with our ambition to help end plastic waste in the environment and accelerate the development of a circular, low carbon economy.”

The company’s venture capital investments include Closed Loop Partners, Infinity Recycling, HX Venture, Chrysalix, and LOIM. These investments align with the company’s goal that for every dollar LyondellBasell invests in venture funds addressing critical sustainability challenges, the company helps catalyze another five dollars from co-investors.

Register Now to Attend NextGen Chemicals & Petrochemicals Summit 2024, 11-12 July 2024, Mumbai

Other Related stories

Startups

Chemical

Petrochemical

Energy

Digitization