The Scottish National Investment Bank has committed £9m to fund the development of Circularity Scotland, which aims to help people recycle billions of single-use drinks containers each year.
The investment was key to securing an additional £9m capital from Bank of Scotland. Together, the investments will fund the start-up costs of the administrator for Scotland’s Deposit Return Scheme, which is set to go live next August.
The much-delayed Deposit Return Scheme should support Scottish Government efforts to help households to return empty, single-use containers for collection for recycling.
Mark Munro, executive director for sustainable investment at the Scottish National Investment Bank, said: “We are pleased to be able to support the roll out of the Deposit Return Scheme in Scotland by investing in Circularity Scotland - increasing recycling rates is a vital component in Scotland’s transition to net zero, one of the Bank’s key missions.”
The investment supports the bank's mission to support a just transition to net zero and its objective to leverage private capital in its investments.
Circular Economy Minister Lorna Slater said: “This is a tremendous vote of confidence in Scotland's deposit return scheme, which will be the first of its kind in the UK and one of the most environmentally ambitious and accessible in Europe.
“By capturing billions of bottles and cans every year for recycling, it will make an important contribution to our response to the climate crisis.”
David Harris, chief executive at Circularity Scotland, added: “These investments, alongside those already received from industry, will support our work in providing Scotland with the most comprehensive and efficient Deposit Return Scheme in the world.
“We are committed to being a highly effective and efficient scheme administrator creating exciting employment opportunities and this funding makes that possible.”
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