New investment for businesses to tackle ocean plastics crisis
Up to 6 million pounds in simultaneous grant and private investment is on offer to
Plastic pollution is creating an environmental crisis in the oceans.
According to the
Unless significant action is taken, the amount of plastic in the seas will triple by 2025.
New investment partnership
To tackle the plastics problem,
Innovate
Find out more about Sky Ocean Ventures' goals.
This follows a recent report by Beauhurst that companies receiving both Innovate
Ideas to reduce plastic waste
The first part of the funding competition is inviting applications from projects that reduce plastic waste and pollution of wider environment and promote a circular economy.
Projects could include:
- developing new, sustainable polymer materials
- developing sustainable plastic alternatives
- alternative business models and supply chains that use less plastic
- supporting circularity through improved resource use and design
- new product designs
- technology-enabled models that change consumer behaviours
- new recycling processes, including collecting, sorting and processing of waste plastics
- increasing the value of recycled polymers
- scalable, technology-enabled remedial solutions
Applications should identify where revenue generation and growth will occur in the
Workable solutions before it's too late
On the competition, Energy and Clean Growth Minister,
"Heart-breaking images of wildlife suffering due to plastics waste have been a stark reminder that harmful pollution can have a devastating impact on our oceans.
"That is why, this time last year, the Prime Minister committed us to eliminating all avoidable plastic waste by 2042.
"We are investing more than ever before to find alternative materials to harmful plastics. We want innovators and businesses to get behind this too, helping us find new ways to cut down waste and pollution while growing their business to have global impact."
"Plastic waste has created a crisis that needs a global resolution. We need businesses, investors, government and researchers pulling in the same direction, creating workable solutions that people will be able to see on the shelves before it's too late."
"Our aim is to enable entrepreneurs to support innovative new ideas at the earliest stages with both investment and mentorship. We will use the reach and voice of Sky's platforms to highlight their solutions and help consumers change behaviours."
Competition information
- the first part of the competition is open, and the deadline for applications is at midday on
- micro and small businesses are eligible to apply, working alone
- applicants must be based in the
- we expect projects to have total costs of between 100,000 pounds and 200,000 pounds and to last up to 12 months
- funding is for feasibility studies, industrial research or experimental development
- successful applicants could get up to 100% of their project costs. This will be split between
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