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The Japan International Cooperation Agency (JICA) contributes to the promotion of the Japanese government's vision for a “Partnership for Quality Infrastructure” through its investment in the “Leading Asia's Private Infrastructure Fund (LEAP)” (*1), which is managed by the Asian Development Bank (ADB).
The ADB recently signed a $44.2 million Blue Loan (*2) with PT ALBA Tridi Plastics Recycling Indonesia (ATPRI), a joint venture by ALBA Group Asia Limited (AGA) (*3) and PT Dhara Daya Sustainea (DDS) (*4), to build and operate a polyethylene terephthalate (PET) recycling facility in Central Java utilizing the fund. The total investment through LEAP was $22.1 million.
The project aims to be fully operational by 2025 and will recycle up to 48,000 tons of PET bottles annually, diverting them from landfills and the ocean, as well as preventing their use in open burning. The project is expected to reduce not only cross-border marine plastic pollution, but also greenhouse gas emissions by curtailing the need for virgin PET production, contributing to the fight against climate change.
Indonesia is the second largest source of marine plastic pollution globally, but has recently undertaken several policy initiatives that target a 70% reduction in marine plastic waste leakage by 2025 and near-zero plastic pollution by 2040. The project will contribute to SDGs (Sustainable Development Goals) Goals 13 (Climate action), 14 (Life below water), and 17 (Partnerships for the goals).
(*1)Leading Asia's Private Infrastructure Fund (LEAP) is a part of the follow-up measures for the “Partnership for Quality Infrastructure,” which was announced by the Japanese government on November 21, 2015. Targeting high-quality private infrastructure projects in the Asia-Oceania region, the fund provides assistance for such projects organized under various arrangements, including public-private partnerships. In March 2016, JICA approved a $1.5 billion investment in private sector investment financing for LEAP. Providing support for a wide range of sustainable infrastructure projects undertaken by the private sector in ADB member countries of the Asia-Pacific region, LEAP is directed at projects with aims such as the reduction of greenhouse gas emissions, energy efficiency, and the provision of medical services at reasonable prices.
(*2)Blue Loan: A loan provided to projects that support the blue economy. It is certified under the Green Loan Principles and Blue Natural Capital Financing Facility’s Blue Bond Guidelines.
(*3)The AGA is the Asian platform of the ALBA Group, a leading integrated waste management and recycling group founded in 1968, which operates more than 250 facilities in Europe and Asia.
(*4)The DDS is a women-owned and women-led plastics recycling company in Indonesia with an operating plant near Jakarta.
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