Singapore fund raises $106 million to tackle plastic pollution
Investors include Coca-Cola, Dow Chemicals and PepsiCo
The world churned out around 300 million tons of plastic waste in 2015, a figure academic estimates suggest has roughly doubled in the last two decades. Environmental groups fear it could double again by 2030. (Photo by Akira Kodaka)
SINGAPORE -- Public anger over the environmental damage caused by plastic waste is finally forcing consumer goods companies to take action, according to Rob Kaplan, whose Singapore-based Circulate Capital Ocean Fund has raised $106 million to invest in solutions to the issue.
Around 8 million tonnes of plastic enters the world's oceans every year, 60% of which comes from Asia, where rapid economic growth and consumption has outpaced countries' capacity to collect and manage waste.