Circularety empowers producers and reprocessors to improve the recycling industry by increasing transparency and reducing price volatility.
Following the official industry launch event in London last night, obligated packaging producers and reprocessors can now sign up to a unique platform that enables Packaging Recovery Note (PRN) obligation money to be transparently invested in projects – for the good of the waste and recycling industry.
Circularety is the only platform that shows companies governed by Producer Responsibility Obligation Regulations exactly where and how their PRN money is being invested, empowering them to invest in tangible recycling projects posted on the site by reprocessors.
Importantly they can then communicate about their investments to stakeholders, publicising CSR and environmental credentials in relation to the significant sums of PRN money that they spend every year.
Choose exactly where PRN money is spent
James Piper, managing director at Ecosurety explains, “The PRN system is a good one in itself, because it has helped the UK to significantly increase recycling rates over the years. However, producers and industry bodies have expressed concern about the system, which does not encourage transparency, particularly in relation to what happens to PRN money once obligations have been purchased."
“Circularety means for the first time producers will be able to choose exactly where their PRN money is spent, and reprocessors will be able to put forward concrete investment projects that will benefit the recycling industry. We anticipate Circularety will remove price volatility from the PRN system caused by uncertainty over supply and demand.”
How Circularety works
After registering, a producer chooses a project posted by a reprocessor that they are interested in funding through their PRN obligation. In doing so, they are committing to purchase a specific number of PRNs from that reprocessor at a set price, with the proceeds guaranteed to be invested in the listed project.
Each listed project has a description, and a photo with options for a video. Producers will be able to search for projects according to material and PRN type, investment opportunity, project location and the deadline a project needs to be completed by.
Producers that invest their PRNs in a completed project will receive a report detailing where and how their PRN money has been spent, enabling them to communicate about their investment in the recycling industry to their stakeholders.
Circularety is initially operating in a Beta phase with a selected number of producers and reprocessors and is expected to go live from January 2017.
Marketing communication specialist
Ben joined the team at the beginning of 2015 to help drive the marketing communications for Ecosurety, working closely with all areas of the business to help spread the good word!
The funding has been launched by WRAP and is open to all retailers, manufacturers and supply chain partners.Read More >>
The unprecedented collaborative campaign has been shortlisted for both partnership excellence and campaign of the yearRead More >>