Blue Planet gets $35 million investment from IFU for waste management projects in India
Blue Planet Environmental Solutions has said that it has received a $35 million investment from The Investment Fund for Developing Countries (IFU). Blue Planet is a sustainable waste management company with operations in India, South-East Asia & UK and IFU is a Copenhagen headquartered leader in impact investments.
The official statement holds that IFU investments help in driving environmental sustainability and economic growth in the countries they invest in, aligning closely with the objectives of the UN Sustainable Development Goals. This strategic partnership between Blue Planet and IFU represents a major milestone in the journey towards global sustainability, reinforcing their shared commitment to pioneering innovative solutions for waste management.
Blue Planet said that fresh funds from IFU will further boost its capabilities in two key areas in India – landfill reclamation and e-waste recycling. Blue Planet claims to be a leader in landfill bio-mining which is the reclamation of legacy landfills and re-purposing the recovered material into useful resources. It has successfully reclaimed over 500 acres from legacy landfills and processed more than 12 million tons of legacy waste, displacing the need for new materials and thus reducing carbon footprint.
“Currently, India generates around 62 MT of waste annually, of which only 12 MT are being treated before disposal. With waste volumes estimated to more than double towards 2030, investments into innovative technologies and operations are needed. The waste sector has evolved over the last years, supported by better regulation, and now provides opportunities to deliver on IFU’s impact investor mandate towards both investors and local communities,” said Thomas Hougaard, Senior VP at IFU.
IFU will be investing on behalf of the SDG Fund, which is partly funded by public funding, providing catalytic risk mitigations to mobilize private capital. This gives access to Danish Pension Funds to invest in sustainable investments in developing countries.
Blue Planet’s Founder and Chairman, Madhujeet Chimni, said, ” This will fortify our efforts in the two key areas of landfill bio-mining and e-waste recycling in India. These initiatives will not only reclaim land and resources but also bring resources back into the Supply Chain and reduce dependence on use of virgin resources. In addition, it will have significant positive environmental impact by reducing significant amount of GHG emissions and resource biodiversity. Furthermore, responsible material recovery from e-waste will help displace the need for virgin materials, contributing to a circular economy and a cleaner, greener future.”
Blue Planet’s Co-Founder and CEO, Prashant Singh, said, “This investment from IFU marks a pivotal moment in Blue Planet’s journey. We welcome IFU as partners and look forward to working with IFU in our next phase of growth. IFU’s experience and depth of knowledge will be very valuable as we address new challenges of providing sustainable waste management solutions.”
