US-based speciality materials company Eastman has announced its plan to invest up to $1 billion in a material-to-material molecular recycling facility in France.
Emmanuel Macron & Mark Costa, CEO, Eastman. Credit: Emmanuel Macron / Twitter
French President Emmanuel Macron & Mark Costa, CEO, Eastman. Credit: Emmanuel Macron / Twitter
This facility would use Eastman’s polyester renewal technology to recycle up to 160,000 metric tonnes per year of hard-to-recycle plastic waste that is currently being incinerated.
The investment would recycle enough plastic waste annually to fill Stade de France national football stadium 2.5 times, while also creating virgin-quality material with a significantly lower carbon footprint. Eastman is the largest investor at this year's "Choose France" event, which is focused on attracting foreign investment to France.
Read more: TotalEnergies & Plastic Energy move Spain closer to a circular economy
Eastman also plans to establish an innovation centre for molecular recycling that would enable France to sustain a leadership role in the circular economy. This innovation centre would advance alternative recycling methods and applications to curb plastic waste incineration and leave fossil feedstock in the ground.
The plant and innovation centre would be expected to be operational by 2025, creating employment for approximately 350 people and leading to an additional 1,500 indirect jobs in recycling, energy and infrastructure.
Eastman’s project has also garnered support from an impressive roster of global brands who share its commitment to solving the world’s plastic waste problem and view molecular recycling as a pivotal tool for achieving circularity.
LVMH Beauty, The Estée Lauder Companies, Clarins, Procter & Gamble, L’Oréal and Danone are leading the way by signing letters of intent for multiyear supply agreements from this facility.
"Accelerating the transition to a circular economy is one of the main challenges in the years to come. Eastman's substantial investment in France demonstrates our country's willingness to embrace innovative technologies that will help us achieve our ecological and economic ambitions, by revolutionizing our country's plastics recycling capacities," said Barbara Pompili, French Minister for Ecological Transition.
Read more: An innovative solution to the problem of plastic waste
"The plan to build the world's largest plastics recycling facility in France is an important part of our overall circular economy strategy," Eastman CEO Mark Costa added.
"Today's announcement is a key milestone towards our commitment, and we expect to achieve additional milestones in the coming months, including agreements related to securing the plastic waste that will be raw material supply, securing government incentives, and the site location decision."
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