The fund estimates this investment will reduce more than 48,000 tons of waste from the landfill and avoid over 17,000 tons of GHG annually.
The Closed Loop Fund has amassed millions of dollars from leading companies including 3M, Coca-Cola, PepsiCo and Walmart and it invests in the form of low-interest loans to companies and zero-interest loans to cities. Its goal is to invest more than $500 million in US recycling projects by 2020.
The Recycling Partnership is providing $135,000 in communications funding, resources and in-kind support. In 2014, The Recycling Partnership provided support for the initial 40,000-cart single-stream recycling pilot in Memphis.
The city of Memphis, like many major municipalities in the South and Midwest has limited access to curbside recycling. Its current recycling program operates a dual-stream system. With the exception of the pilot program that converted to single-stream, Memphis’ recycling rates have stagnated over the last few years.
The Closed Loop Fund says converting to single-stream will increase recycling rates and also save the city and taxpayers money.
Memphis mayor Jim Strickland says the investment will deliver more than 100,000 recycling carts throughout the city “with expected increases in recycling volumes to exceed 200 percent.”
In March, the fund invested $1.5 million in Lakeshore Recycling Systems allowing the recycling company to bring a material recovery facility to Chicago — the city’s first.