The Bank’s £9m investment, alongside an additional £9m from Bank of Scotland will fund the start up costs of Circularity Scotland, scheme administrator for Scotland's Deposit Return Scheme.
The Deposit Return Scheme will support Scottish Government efforts to help households to return empty, single-use containers for recycling. It will help to tackle climate change, increase quantity and quality of materials collected for recycling, and decrease litter, supporting a circular economy.
Successful implementation of the scheme will contribute to Scotland’s 2025 target to increase the total national recycling rate to 70%.
The investment supports the Bank's mission to support a just transition to net zero and its objective to leverage private capital in its investments.
About Circularity Scotland
Circularity Scotland Limited (CSL) was set up in 2021 with the specific purpose of administering Scotland’s Deposit Return Scheme.
CSL represents a combination of drinks producers, trade associations and retailers and works with companies throughout the supply chain – from producers through to the hospitality industry, wholesalers and retailers.
The Deposit Return Scheme is scheduled to launch in August 2023 with the ambition of recapturing 90% of Scotland’s single-use drink containers.
David Harris, Chief Executive Officer at Circularity Scotland Limited:
“We are delighted to be working with Scottish National Investment Bank and Bank of Scotland. Their investments alongside those already received from industry will support our work in providing Scotland with the most comprehensive and efficient Deposit Return Scheme in the world. We are committed to being a highly effective and efficient scheme administrator creating exciting employment opportunities and this funding makes that possible.''
Simon Sweeney, Corporate & Institutional Debt Director at Bank of Scotland
“Addressing the sustainability challenges the country faces requires collaboration from within the financing ecosystem. So we were keen to work with the Scottish National Investment Bank on this funding arrangement and ensure Circularity Scotland Limited has the support needed to make a success of its recycling initiatives. We look forward to seeing the scheme go from strength to strength.”