As a private sector driven initiative, the R&D Hub projects are aimed at making significant strides towards more sustainable plastic waste processing and help address industry-specific topics related to the development of mechanical and chemical recycling routes.

"With the launch of its first project, the LCET has demonstrated its role as an 'incubator' for collaborative action to accelerate greenhouse gas (GHG) reduction in the chemical production value chain," said Abdulrahman Al-Fageeh, CEO of SABIC and LCET Co-Chair. "Improving recycling rates can significantly contribute to our progress toward a circular carbon economy, and by bringing together the knowledge and expertise of our companies, we can find new ways to drive net-zero solutions".

Martin Brudermueller, LCET Chair and Chairman of the Board of Executive Directors of BASF SE, said: "Finding solutions to protect our climate is a global, societal task that will only succeed if we all contribute with our best ideas. Launching the first spin-off project out of the LCET initiative is a significant achievement and milestone for all the member companies. This enables us to develop breakthrough technologies while sharing early-stage risks. Bringing together seven leaders operating in the same marketplace demonstrates the collaborative spirit in the LCET-initiative that transforms ambition into action."