Amazon Invests $10 Million in Closed Loop Fund to Increase Recycling Rates across the Country
SEATTLE–(BUSINESS WIRE)–Oct. 16, 2018– (NASDAQ: AMZN) –Amazontoday announced that it will invest $10 million in Closed Loop Fund to support recycling infrastructure in the United States. Amazon’s investment will increase the availability of curbside recycling for 3 million homes in communities across the country, making it easier for customers to recycle and further develop end markets for recycled commodities. The investment will divert 1 million tons of recyclable material from landfill into the recycling stream and eliminate the equivalent of 2 million metric tons of CO2 by 2028—equivalent to shutting down a coal-fired power plant for six months.
Roughly half of Americans today lack access to convenient, sufficient curbside recycling at their homes. Closed Loop Fund finances the building of advanced recycling infrastructure and services, bringing this invaluable service to the community while saving taxpayers and municipalities money.
“This investment will help build the local capabilities needed to make it easier for our customers and their communities to recycle and to increase the amount of material recycled across the country,” said Dave Clark, Amazon’s Senior Vice President of Worldwide Operations. “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.”
Closed Loop Fund invests in sustainable consumer goods, advanced recycling technologies, and the development of the circular economy. It aims over the next 10 years to eliminate more than 16 million tons of greenhouse gas, divert more than 8 million cumulative tons of waste from landfills, improve recycling for more than 18 million households, and save nearly $60 million for American cities.
CEO of Closed Loop Fund Ron Gonen added, “Amazon’s investment in Closed Loop Fund is another example of how recycling is good business in America. Companies are seeing that they can meet consumer demand and reduce costs while supporting a more sustainable future and growing good jobs across the country. We applaud Amazon’s commitment to cut waste, and we hope their leadership drives other brands and retailers to follow suit.”
Solving customers’ needs for recycling can create economic benefits in the cities and towns where they live. Increasing the amount of recycled materials available can also lead to a lower cost of goods sold, and lessen the impacts of transportation, as there is no need to ship waste to landfills. Cities also directly benefit through increased cash flow and jobs, as most recycling is done locally.
Amazon’s investment in Closed Loop Fund furthers Amazon’s longstanding commitment to reducing packaging waste through its Frustration-Free Packaging programs, which are designed to produce less waste than traditional packaging. Amazon works directly with thousands of manufacturers to help them redesign their packaging, eliminate waste throughout the supply chain, and ensure products arrive undamaged on customers’ doorsteps. Amazonintroduced Frustration-Free Packaging 10 years ago, and it has eliminated more than 244,000 tons of packaging materials to date, avoiding 500 million shipping boxes.
About Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.
About Closed Loop Fund
Founded in 2014, Closed Loop Fund is a social impact investment fund that provides cities and recycling companies access to the capital required to build comprehensive recycling programs. Closed Loop Fund aims to invest $100 million by 2020 with the goal to create economic value for cities by increasing recycling rates in communities across America and build circular supply chains. Closed Loop Fund brings together the world’slargest consumer product, retail, and financial companies committed to finding a national solution to divert waste from landfills into the recycling stream in order to be used in the manufacturing supply chain.
