The Welsh Government has announced a new £6.5 million Circular Economy Fund to help Wales reach its aims of 70% recycling by 2025 and 100% recycling by 2050.
Welsh Deputy Minister for Housing and Local Government Hannah Blythyn will launch the new fund with a visit to packaging manufacturer Klӧckner Pentaplast, who specialise in using recycled content in their products and have pledged to increase its use of sustainable materials.
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Creating a circular economy for plastic waste is a “huge opportunity for the economy of Wales” said the Government and will help create and protect jobs in the country by making its manufacturing firms more resource efficient.
The £6.5 million fund will offer grants to businesses of any size seeking capital investment funding to increase their use of recycled materials in manufactured products, components or packaging.
WRAP Cymru will administer the fund on behalf of the Welsh Government.
The Welsh Deputy Minister for Housing and Local Government Hannah Blythyn said: “Wales is on a journey towards becoming a circular economy, which means making more of the products we consume and recycling as much waste as possible. Klӧckner Pentaplast are an example of how recycled material can be used to create a successful product, while benefitting our environment and stimulating demand for recycled material.
“Our fund will help to cover some of the costs of investing in new equipment and infrastructure, increasing the use of recycled materials in Welsh manufacturing. We know this has the potential to bring significant cost savings as well as helping businesses to reduce their carbon footprint.”
She added: “Increased use of recycled material provides economic opportunities. It also helps create and protect jobs by making Welsh manufacturing companies more resource efficient and resilient in terms of the security of supply of raw materials.”