09/05/22; ESG Today
Energy giant bp announced today a new long-term agreement with cleantech, renewable and alternative energy company Clean Planet Energy (CPE), aimed at advancing circular solutions for hard-to-recycle plastics.
CPE is currently developing facilities – or “ecoPlants” – for the conversion of hard-to-recycle waste plastics into circular petrochemical feedstocks and ultra-low sulphur diesel (ULSD).
Under the new ten-year agreement, bp will receive the output of CPE’s first facility, currently under construction in Teesside in the north-east of England, which will convert hard-to-recycle plastics into naphtha, for use as feedstock into circular plastics value chains. CPE’s ecoPlants are expected to process plastics that are usually rejected by traditional recycling centers and would otherwise end up in landfills or incineration. The Teesside facility is expected to process 20,000 tonnes of waste plastics into naphtha and ULSD every year.
Sven Boss-Walker, SVP Refining & Products Trading at bp, said:
“This long-term agreement with Clean Planet Energy for the offtake of naphtha will help bp unlock new sources of value through circularity, while helping divert plastic waste away from landfill, incineration and the environment. Clean Planet Energy’s first facility in Teesside should help accelerate this journey.”
CPE has set a goal to remove over 1 million tons of hard-to-recycle plastic waste from the environment every year. The company is currently developing 12 of its ecoPlants globally, from which it aims to divert 250,000 tons of such waste every year from landfills and the environment. According to the companies, CPE will provide opportunities for bp to offtake products from future plants beyond Teesside.
Dr. Katerina Garyfalou, Director of Business Development at Clean Planet Energy, said:
“We set out to find an international energy company to work with that we felt understood our vision. bp not only put sustainability performance at the heart of their discussions with us from day one, but their global-leading refining and trading businesses means our naphtha product can have an impact in helping to advance a circular economy.”