Mexico, Mexico City, September 24th, 2024. IFC, a member of the World Bank Group, and Greenback have partnered to promote plastic recycling in Mexico and Latin America. Using Greenback’s technology, the project will convert flexible plastics[1] into reusable materials like pyrolytic oil. The initiative aims to process up to 90,000 tonnes of plastic waste annually, with blockchain verification ensuring traceability. This partnership supports a circular economy and expands on Greenback’s existing efforts in Mexico.
Global waste generation has emerged as a major challenge to sustainable development due to rapid population growth, accelerated urbanisation, and inadequate resource management. According to World Bank projections, global waste could rise to between 3.4 and 3.8 billion tonnes annually by 2050. This increase poses significant threats to ecosystems, such as oceans and coastlines, as well as to public health and urban infrastructure.
Plastic waste management remains one of the most urgent environmental challenges, with less than 10 percent of plastics being recycled globally. In response, the International Finance Corporation (IFC) and Greenback Recycling Technologies (Greenback) have formed a strategic partnership to advance the circular economy across Mexico and Latin America. This collaboration combines IFC's advisory and investment expertise with Greenback’s cutting-edge recycling technologies to tackle plastic waste.
The partnership aims to foster a circular economy by utilising Greenback’s Enval® microwave-induced recycling process to convert hard-to-recycle flexible plastics into pyrolytic oil (p-oil®). This p-oil can then be repurposed as raw material for producing new plastic with higher recycled content, reducing reliance on fossil resources.
Juan Gonzalo Flores, IFC’s Country Manager for Mexico, said, “Greenback’s modular recycling plants offer a revolutionary solution to transform plastic waste into valuable resources. These plants are designed to be easily installed near waste accumulations and landfills, providing an efficient and scalable recycling model for Mexico and the wider region."
"We're thrilled to deploy our pioneering recycling technologies across Mexico and Latin America supported by a new strategic partnership with the IFC”, affirmed Philippe von Stauffenberg , CEO at Greenback. "It's a privilege to work with the IFC - the task of tackling the growing mountains of plastic waste from packaging is a huge challenge. With the help of the IFC's resources and further partnerships we have a real shot at transforming the waste into valuable resources, thus building a more sustainable future for the region.”
Additionally, Mauricio Justus, Head of Greenback’s AssetCo for Latin America, said, “This collaboration with IFC marks a pivotal step in expanding our reach across Latin America. By deploying modular and scalable recycling solutions, we’re not only addressing the waste crisis but also creating economic opportunities that benefit both local communities and the environment.”
Once fully operational, the project has the potential to process up to 90,000 tonnes of plastic waste annually. Additionally, Greenback’s AI-driven eco2Veritas platform will ensure full traceability and compliance throughout the recycling process by certifying the neutralisation of plastic waste through a blockchain-based verification system.
Since 2023, Greenback has been running an advanced recycling plant in Cuautla, Mexico, in partnership with Nestlé Mexico. This facility is part of Greenback’s larger vision to establish over 300 advanced recycling modules globally within the next decade, driving the shift towards a circular economy.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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About Greenback
Greenback Recycling Technologies is a UK-based advanced recycling company founded in 2018 to bring an immediate solution for the global plastic pollution. With a decentralised, small-scale plants operating on Enval® microwave-induced recycling process, the flexible, multilaminate plastics are recycled into π-Oil® and aluminium. eco2Veritas™ is Greenback’s digital, block-chain based traceability system. For more information, visit greenback.earth.
[1] Flexible plastics include: waste plastic packaging, film, pouches, bags, and wrapping
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