Scottish National Investment Bank supports bottle return scheme

The Scottish National Investment Bank has committed £9m to fund the development of Circularity Scotland, which aims to help people recycle billions of single-use drink containers each year.

The investment was key to securing £9m of additional capital from Bank of Scotland. Together, the investments will fund the start-up costs of the administrator of Scotland’s deposit return system, which is due to go live next August.

The much-delayed deposit return system is expected to support the Scottish Government‘s efforts to help households return empty single-use containers for collection for recycling.

Mark Munro, Executive Director of Sustainable Investing at the Scottish National Investment Bank, said: “We are delighted to be able to support the roll-out of the deposit return system in Scotland by investing in Circularity Scotland – the rate increase recycling is an essential part of Scotland’s transition to net zero, one of the Bank’s key missions.

The investment supports the bank’s mission to support a just transition to net zero and its goal of mobilizing private capital into its investments.

Circular Economy Minister Lorna Slater said: “This is a tremendous vote of confidence in Scotland‘s deposit system, which will be the first of its kind in the UK and one of the most ambitious and environmentally accessible in Europe.

“By capturing billions of bottles and cans each year for recycling, this will make an important contribution to our response to the climate crisis.”

David Harris, Managing Director of Circularity Scotland, added: “These investments, together with those already received from industry, will support our work to provide Scotland with the most comprehensive and efficient deposit return system in the world. world.

“We are committed to being a highly effective and efficient plan administrator, creating exciting employment opportunities and this funding makes that possible.”

Don’t miss the latest headlines with our twice-daily newsletter Register for free here.