Eastman Chemical plans to invest about $1 billion in building the world’s largest molecular plastic recycling facility in France, which will help reduce fossil fuel consumption.
The facility will begin operations in 2025, processing roughly 160,000 tons annually of hard-to-recycle plastic waste currently incinerated, Eastman said in an emailed statement Sunday. President Emmanuel Macron, who faces re-election, was welcomed In April, he made this move, while working to enhance the country’s attractiveness to investors.
In the statement, Environment Minister Barbara Bombelli said the investment is significant and demonstrates “France’s willingness to embrace innovative technologies. France is giving itself the means to achieve its ambitious plastic recycling goals for 2025.”
Eastman will use what it calls molecular recycling, in which waste is broken down into the basic materials that make it up and rebuilt into new forms.
Other companies, including the Ineos Group, are looking into advanced plastic recycling, and Finland’s Neste Oyj aims to process one million tons of plastic waste annually by 2030.
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