A new $100 million (£80m) investment and innovation platform aimed at scaling food waste reduction solutions by mobilising capital into the sector has been announced.
The Circular Food Solutions Funding Platform, a partnership between ReFED and Closed Loop Partners, is designed to provide private and philanthropic financing and other support to organisations, municipalities and innovators that are developing solutions to help reduce the 35% of food that goes unsold or uneaten every year in the US.
The Platform consists of an $80 million ($64m) investment fund, a $10 million (£8m) grant fund and a $10 million (£8m) innovation programme.
The two companies estimate around 10 million tons of food waste could be diverted over the life of the Funding Platform, which could help avoid 15 million tonnes of carbon – equivalent to taking 300,000 cars off the road every year for 10 years.
Alexandria Coari, Vice President, Capital, Innovation & Engagement at ReFED said: “Uneaten food is a major driver of greenhouse gas emissions, generating 4% of US and 8% of global emissions annually so the announcement of this new systems-inspired funding vehicle is an exciting milestone in the fight against climate change.
“Together with our partners, we’ve designed this Funding Platform to have a real impact on the amount of food going to waste, which in turn will drive reductions in greenhouse gases. We’re inspired and humbled by the opportunity to help drive critical capital where it is needed most.”