PlasticsEurope has announced a massive increase in planned chemical recycling investment from €2.6bn in 2025 to €7.2bn in 2030.
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€7.2bn chemical recycling investment planned
€7.2bn chemical recycling investment planned
The European plastics manager trade organisation has also called for a ‘harmonised and strong’ policy and regulatory framework, according to its latest press release.
PlasticsEurope members are investing billions in collaboration projects with innovative value chain partners to boost chemical recycling and other leading-edge technology solutions, as well as looking to increase investment in chemical recycling to produce 1.2Mt in 2025 and 3.4Mt in 2030 of recycled plastics.
Speaking at the “Closing the loop on chemical recycling in Europe” event in Brussels, Dr Markus Steilemann, President of PlasticsEurope and CEO of Covestro, said: “Chemical recycling is a game changer and a key building block of the circular economy – not only in Europe. This increased investment confirms the determination of the industry to address the problem of plastic waste and supports the EU Green Deal’s climate and sustainability ambitions. However, this is just a starting point, and sizeable investments are still needed to fully capture the value of this technology.”
Utilising this technology and implementing the necessary sea change will require a roadmap that must take into account, for example, a diversification of feedstock, new infrastructure, business models, new materials, waste prevention and eco-design. Policy makers will also be required to play a part through the creation of policies and frameworks that provide certainty and incentives.
Steilemann added: “To capitalise on the potential of chemical recycling we need a harmonised and strong single market framework. We need to harness the power of the EU Single Market and protect its integrity. We should also recognise that we have a shared interest in future-proofing our economy and asset base in Europe with innovative technologies like chemical recycling.”