HSBC partners with recycling pioneer Eco Spindles to give plastic bottles a second life

A significant player in Sri Lanka’s manufacturing sector, Eco Spindles is the market’s leading plastic recycler. In 2020 alone, they recycled roughly 2,300 tonnes – that’s an incredible 80,666,325 bottles.

Plastic is one of the greatest environmental problems plaguing our planet – it can take up to 900 years to decompose, and half of it is produced to only be used once. Eco Spindles considers sustainability in every part of its manufacturing process, looking at the entire life cycle of a product including use and reuse, and has found an innovative solution to tackle the issue.

By using specialised machines to recycle PET (polyethylene terephthalate) plastic flakes, waste is used to create high-grade polyester yarn and filaments, providing sustainable materials for manufacturers around the world. Amazingly, once a PET bottle has been converted into yarn, the time it takes to degrade reduces to 100 years.

Supporting a growing focus on sustainability

Seeking to increase the capacity of plastic it could recycle in its plant - one of only two of its kind worldwide, Eco Spindles needed a trusted partner with the understanding, capabilities and resources to help on its unique journey to a more sustainable model.

We’ve been partners since 2015, and we’re proud to open up this new financing opportunity to support Eco Spindles on its business plan for the planet. With the help of advanced technology and green financing, Eco Spindles is bringing us closer to a life without waste, and promoting plastic circularity.

Weaving a more sustainable future for generations to come

Currently Eco Spindles processes around 200-300 tonnes of plastic per month, but there are roughly 1500 tonnes produced in Sri Lanka. With ambitions to grow recycling capacity to 500-600 tonnes per month, Eco Spindles’ ambitious expansion plans underpin sustainable growth.

"Eco Spindles has found an innovative solution to recycling plastic waste, turning it into high-grade yarn - plastic bottles into cloth! HSBC is drawing on deep expertise with green businesses as it supports Eco Spindles to reduce its carbon footprint," says Stuart Rogers, Head of Wholesale Banking, HSBC Sri Lanka and Maldives. "Over the years, HSBC has had the privilege of working with companies and industry experts to explore innovative ways in which finance can play its part in sustainability. This is proof that with imagination and creativity, we can make our lives more sustainable with the help of technology.

We look forward to our continued partnership with Eco Spindles as they continue to move the needle, and build a lasting recycling infrastructure in Sri Lanka for generations to come."

Our Commitment

At HSBC, we’re committed to dedicating between $750bn and $1tn, alongside expert guidance and support, to help our customers invest in a greener future. It’s part of our own business plan for the planet.

We believe that, as a leading global bank, we have a responsibility to support businesses in their transition to a more sustainable future. By providing finance, tools, insight and guidance, we can help you create and achieve your own net zero ambitions.

It’s a journey we’re undertaking with you, through our own commitment to achieving net zero in our operations and supply chain by 2030.