E-commerce and internet technology company Amazon has committed $10m of capital to US-based social impact vehicle Closed Loop Fund to fuel the development of recycling infrastructure.
Closed Loop Fund was formed in 2014 to provide funding for ideas that support the circular economy and ultimate increase recycling rates in the US. It is managed by parent firm Closed Loop Partners.
Closed Loop Partners has already been backed by corporate investors including retail group Walmart, manufacturing conglomerate 3M, beverage producers Coca-Cola, Keurig Dr Pepper and PepsiCo, and consumer goods suppliers Colgate-Palmolive, Procter & Gamble, Unilever and Nestlé Waters.
Amazon’s contribution will fund programs to recycle 1 million tons of material that would otherwise be destined for landfill, including initiatives to give 3 million US households access to curbside recycling.
Dave Clark, senior vice-president of worldwide operations for Amazon, said: “We are investing in Closed Loop Fund’s work because we think everyone should have access to easy, convenient curbside recycling. The more we are all able to recycle, the more we can reduce our collective energy, carbon and water footprint.”