Greencore receives World Bank bond funding
Hong Kong-based Greencore Resources has been selected as one of two primary beneficiaries of Plastic Waste Reduction-Linked Bonds, and Greencore CEO Max Craipeau says the funding will go toward scaling up efforts underway in Surabaya, Indonesia, to divert and recycle ocean-bound plastic.
The newly designed bonds are issued by the World Bank and structured by Citigroup and The Plastic Collective. The latter United Kingdom-based group has been a proponent in the development and deployment of the Verra Plastic Program.
Approximately $14 million in bond financing is being provided to two organizations: Greencore for its recycling facility in Indonesia and the ASASE Foundation, which engages in plastic recycling activities in Ghana.
The funds already are being deployed to add food-grade recycled-content polyethylene terephthalate (rPET) reprocessing equipment at the Greencore SEArcular facility in Surabaya.
That plant currently focuses on hard-to-recycle No. 7 plastics. “SEArcular, as its name implies, is on a mission to halt plastic sea pollution and promote circularity,” Craipeau says, adding that his Surabaya reprocessing plant also was the first in Indonesia to have secured ocean-bound plastic certification conferred by Zero Plastic Oceans (ZPO) and Control Union.
