IFC and Greenback Partner to Boost Plastic Recycling in Latin America

The International Finance Corporation (IFC), a member of the World Bank Group, has teamed up with Greenback to advance plastic recycling in Mexico and Latin America. The collaboration will leverage Greenback’s innovative technology to convert flexible plastics into reusable materials like pyrolytic oil, with an aim to process up to 90,000 tonnes of plastic waste annually. The project will ensure transparency through blockchain technology, supporting a circular economy and building on Greenback’s existing efforts in Mexico.

Global waste generation has become a significant challenge due to population growth, urbanization, and poor resource management. The World Bank predicts global waste could rise to 3.4-3.8 billion tonnes per year by 2050, threatening ecosystems, public health, and infrastructure.

With less than 10% of plastics recycled worldwide, the IFC and Greenback partnership focuses on addressing this critical environmental issue. Combining IFC’s advisory and investment expertise with Greenback’s cutting-edge recycling technology, the partnership will utilize Greenback’s Enval® process to convert hard-to-recycle plastics into pyrolytic oil. This oil can then be used to produce new plastic, reducing reliance on fossil fuels.

Juan Gonzalo Flores, IFC’s Country Manager for Mexico, praised Greenback’s modular recycling plants as a scalable solution for transforming plastic waste near landfills. Philippe von Stauffenberg, CEO of Greenback, expressed excitement about working with the IFC to tackle the plastic waste crisis and create a more sustainable future for the region.

The partnership also holds economic potential, as Mauricio Justus, Head of Greenback’s AssetCo for Latin America, emphasized the opportunity to create local jobs while addressing environmental challenges.

Once fully operational, the project is expected to process up to 90,000 tonnes of plastic waste annually, with Greenback’s AI-driven eco2Veritas platform ensuring full traceability of waste neutralization via blockchain.

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 broader plan to establish over 300 advanced recycling modules globally within the next decade, driving the shift towards a circular economy.