Updated: Oct 28, 2018
By Cole Rosengren
G7 TURNS SPOTLIGHT ON OCEAN PLASTICS
Earlier this summer, five of the G7 member countries signed an Ocean Plastics Charter that set multiple targets around plastic recycling to mitigate marine pollution. This week, Canada has been hosting the G7 Environment Ministerial Meeting in Halifax to focus on next steps and gain more international support ahead of plans to bring the charter to the U.N. General Assembly.
The event has spurred multiple announcements from recycling stakeholders so far. Chief among them is news that Circulate Capital, the investment firm recently spun off from Closed Loop Partners, has teamed up with SecondMuse to launch The Incubator Network. Its first project, the Ocean Plastic Prevention Accelerator, was developed with a grant from the U.S. State Department and support by Australia's Department of Foreign Affairs and Trade.
The goal is to unlock more than $20 million in funding that can help "accelerate solutions to ocean plastic waste by partnering with existing incubators to build ecosystems of waste management and recycling innovators." This is being done in partnership with the Surabaya Ocean Plastic Prevention Incubator, WeWork Labs India and McKinsey.org. Initial work will be focused on Indonesia and India, with potential interest in Vietnam, Thailand and the Philippines. A primary goal will be "to advance opportunities for women in its countries of operation."