Closed Loop Fund (CLF), an impact investment fund that makes below-market loans for recycling infrastructure, announced a $3.25 million investment to help bring recycling to Memphis, TN, which is estimated to reduce over 48,000 tons of waste from the landfill and avoid over 17,000 tons of GHG annually.
The Recycling Partnership, a national nonprofit, is providing $135,000 in communications funding, resources and in-kind support to ensure that Memphians participate and recycle right. In 2014, The Recycling Partnership provided support for the initial 40,000 cart pilot in Memphis, making them an informed and savvy partner for this project.
Boosting recycling infrastructure
The city of Memphis, like many major municipalities in the South and Midwest has limited access to a convenient and expansive curbside recycling infrastructure. This project and the leadership of the City of Memphis will demonstrate that single stream recycling works in communities historically underserved and that it saves municipalities and taxpayers money. Additional information on the project is available at www.closedloopfund.com/project-portfolio/.
Mayor Jim Strickland of Memphis said:
“The City of Memphis’ recycling program is a core service and highlights our commitment to become a leading progressive city in the south. I’m especially grateful to the Closed Loop Fund for its partnership in making this happen. With their help, over 100,000 recycling carts will be delivered throughout Memphis, with expected increases in recycling volumes to exceed 200%.”
“Walmart works hard to minimize and reduce waste to landfills in our own operations and believes that customers should have easy access to recycling infrastructure from their homes as well,” Laura Phillips, SVP of Sustainability for Walmart, representing the corporate partners of Closed Loop Fund.
“In support of that belief, the Walmart Foundation invested in the Closed Loop Fund to make recycling easier and more accessible to customers in communities across the country. We are excited for the Closed Loop Fund’s newest investment and hope it will prove to be a role model for other cities and towns to replicate.”
Additionally, Rob Kaplan, cofounder and Manager Director of CLF, presented at the US Conference of Mayors Environment Committee on Saturday:
“Today, Closed Loop Fund and our partners are helping 100,000 households gain access to recycling because it saves taxpayer dollars and improves consumer product supply chains. We hope sharing these investments at the U.S. Conference of Mayors will inspire mayors and municipalities across the U.S. to invest in recycling as a way to improve their communities and the environment.”
Co-Sponsored by Mayor Greg Stanton of Phoenix, AZ, Chair of the Environment Committee, the mayors signaled their commitment to recycling by passing resolutions in support of recycling infrastructure and reducing food waste.
“Innovative public-private solutions like the Closed Loop Fund help communities create a more circular economy,” said Mayor Stanton. “We want to encourage communities to protect the environment by continuing to build recycling infrastructure, investing in resident education and expanding recycling programs.”
Founded in 2014, Closed Loop Fund is a social impact investment fund that provides cities access to the capital required to build comprehensive recycling programs. Closed Loop Fund aims to invest $100 million by 2020 with the goal to create economic value for cities by increasing recycling rates in communities across America. Closed Loop Fund brings together the world’s largest consumer product, retail, and financial companies committed to finding a national solution to divert waste from landfills into the recycling stream in order to be used in the manufacturing supply chain.
Key supporters include 3M, Coca-Cola, Colgate-Palmolive, Goldman Sachs, Johnson & Johnson Family of Consumer Companies, Keurig Green Mountain, PepsiCo and the PepsiCo Foundation, Procter & Gamble, Unilever, Walmart and the Walmart Foundation. To read more about Closed Loop Fund’s efforts, check out Closed Loop Fund Invests In Recycling Opportunities.
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