A US$106 million (SGD$144 million) fund dedicated to preventing plastic from entering the Asian oceans was launched today. The Circulate Capital Ocean Fund (CCOF) is the world’s first investment fund dedicated to address Asia’s plastic crisis. The Singapore-based fund is also one of the ten largest ASEAN-based Venture Capital Funds in the market.
With 60% of ocean plastic originating from the region, Asia is the biggest source of plastic leakage into global oceans. A recent Ocean Conservancy Report identified a net financing gap between USD$28 and USD$40 per ton for plastic waste collection in the five top ocean polluting countries in the world – China, Indonesia, Philippines, Thailand and Vietnam.