Dive Brief:
- The Closed Loop Partners (CLP), a U.S.-based firm that invests in recycling and other circular economy ventures, was recognized as first runner up in a global competition called The Circulars. The awards, broken into seven categories, are given by The World Economic Forum and the Forum of Young Global Leaders, along with Accenture, at the World Economic Forum in Davos, Switzerland.
- AMP Robotics, a U.S. technology company that creates technology for material sorting, was awarded first place in the "digital disruptor" category for developing Cortex, an automated sorting technology. First place in the investor category, where CLP earned first runner up, was awarded to ABN AMRO, a Dutch business bank. Other winners hailed from India, Finland and Sweden.
- "We're really focused on replicability at this point," Bridget Croke, VP of external affairs for the Closed Loop Partners, told Waste Dive. "Proving that the success that we've had in business and municipal settings that we've invested in are having an impact in the communities, but also [an impact] financially, to show that other investors should be playing in this space."
Dive Insight:
Since launching three years ago, CLP has invested more than $35 million in 30 different projects, diverting over 250,000 tons of waste and creating $3.4 million in economic value for municipalities, according to Croke. CLP also has been put in charge of a multimillion-dollar fund to combat ocean plastic and partnered with industry groups to increase market demand for certain plastic commodities.
Croke said CLP aims to invest another $20 million-$30 million this year, further investing in projects across a wider geographic area and even partnering with states to help the identify state-specific solutions. She said another area of interest was exploring how to define "recycling," which could include looking at chemical recycling and other innovations.
Investing in circular economy projects can mean everything from developing reusable packaging to targeting consumers with robust education programs to boost diversion or combat contamination rates. Cities around the U.S. launching "zero waste" goals could look to the CLP for potential project ideas, borrowing from the firm's scalable projects.
AMP and CLP could both have a role to play as the industry grapples with how to best deal with China's tightening import restrictions and contamination standards. Artificial intelligence, which AMP specializes in, could be a part of operations at MRFs to generate cleaner loads. By helping to find new markets, and increase regional MRF capabilities, CLP has already begun playing a role in helping the industry mitigate the effects from China's shifting policies.