Global asset manager BlackRock is investing in sustainable businesses – including adidas – through a new circular economy fund, the New York Times reports. The actively managed fund, which started 2 October with $20 million of seed capital, is said to focus on exposure to scrap, recycling and reducing plastic waste. 

Adidas has been included, according to Sumana Manohar, a manager of the new fund, because of its commitment to using recycled plastics and recycled polyester. Between 30 and 50 companies will be included and Ms Manohar said she expects the fund to expand over the coming years.

This new circular economy fund was launched with the charity Ellen MacArthur Foundation.  BlackRock, which is said to be the world’s biggest investor, has been criticised for its investments in fossil fuels, though BlackRock says it is also the world’s biggest investor in renewable energy.  

Photo: Garbine Muguruza in a 100% recyclable adidas hoodie  Credit: adidas