Canopy unveils finance platform to accelerate ‘next-gen’ materials
Not-for-profit Canopy and partners have unveiled a finance model designed to accelerate the growth of low-carbon materials and transform the paper, packaging and textile supply chains.
A forum, co-hosted by Canopy, the NO.17 Foundation and Tsao Pao Chee Group, convened investors, philanthropists and industry experts to explore the mobilisation of $2 billion in investment, including a blended finance platform to unlock India’s scale-up of “next gen” materials as an alternative to wood-dependent products.
They define 'next-gen' as made from inputs such as agricultural residues and recycled textiles.
The initial infusion of $2 billion will enable the first 1.5 million tonnes of 'next gen' paper, packaging and textile production capacity in India and is part of a broader global initiative to mobilise $78 billion by 2033.
Nicole Rycroft, founder of Canopy, said: “If we want to transform high-impact global commodity sectors at the pace required, we need finance models that share both risk and reward with the market, and that can scale across borders.”
Over the coming year, Canopy aims to secure partners interested in exploring anchor capital or offtake agreements.
