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Huge Boost to Chemical Recycling Investment Announced by PlasticsEurope

09/07/2021

There has been a considerable focus in the last few years on chemical recycling, which allows those plastics that are harder or uneconomical to recycle manually, to be processed.

The method is an important development in helping form a circular economy for plastics within Europe.

The European trade association, PlasticsEurope, have recently announced a huge increase in the planned investment for chemical recycling. This will see a rise from €2.6bn in 2025 to a total of €7.2bn in 2030. This growth over a five-year period goes to highlight the important role that chemical recycling is set to play in the industry.

In a press release, the trade association said that the industry was in need of a ‘harmonised and strong’ policy and regulatory framework. Members of PlasticsEurope are set to invest billions among them in collaborative projects which not only support and increase the levels of chemical recycling but also leading-edge technology solutions.

In the five years that investment is set to rise by £4.6bn, production of chemical recycling is also hoped to increase from 1.2Mt of recycled plastic to 3.4Mt, a feat only possible due to these collaborations.

On the subject, President of PlasticsEurope, Dr Markus Steilemann, 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.”

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