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 (TPC) 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 high-carbon 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 future offtake agreements.
