Through new sustainability initiatives in the plastics business, their cooperation hopes to shift approximately 1.3 million tons of plastic from trash to recycling. Green PCR and Global PET, two of the top recycling businesses, were combined into Cirklo in 2022 by eB Capital. Cirklo, the biggest independent PET recycler in Brazil today, can recycle more than 4 billion bottles a year.
The company intends to grow operations in the Southeast and Northeast, advancing sustainability in the supply chain, with Circulate Capital’s backing. Cirklo produces recycled PET that is appropriate for packaging, even for products intended for food use.
After first investing in Colombia’s Polyrec S.A.S., this is Circulate Capital’s second venture in Latin America. A portion of the $70 million Circulate Capital Latin America and Caribbean program, which was introduced in 2023, is used to finance Cirklo’s growth. IDB Lab, along with large firms such as Chevron Phillips Chemical, Danone, Dow, Mondelēz International, and Unilever, are supporting this program.
Brazil is positioned to lead the global climate agenda because it will host COP30 in 2025 and serve as the G20 presidency in the near future. Plastic recycling has advanced significantly; in 2022, it will have the greatest recycling rate in Latin America, at 25.6%, which is comparable to that of Europe. Research conducted by consulting firms MaxiQuim and PICPlast states that recycled plastic manufacturing in Brazil reached 1.1 million tons in 2022, up 9% from the previous year.
