Some of the largest companies in the world have come together to form a $100 million recycling fund.

Announced by Walmart, the Closed Loop Fund will be formed by nine core firms and aim to become “an innovative investment vehicle that will help finance projects that increase recycling.” According to Walmart, the project was sparked by supply shortages.

“This group of companies is coming together because we jointly face a system problem: recycling rates are stagnant, and we can’t get enough recycled material in packaging and products,” a statement by Walmart reads.

By encouraging communities to recycle more, Walmart and others are hoping to gain access to a valuable stream of recycled commodities. Communities, meanwhile, could stand to see fiscal benefits in the form of job creation and “green” business growth.

In addition to Walmart, the founding companies are:

  • The Coca-Cola Company
  • Goldman Sachs
  • Johnson & Johnson Family of Consumer Companies
  • Keurig Green Mountain, Inc.
  • PepsiCo and the PepsiCo Foundation
  • Procter & Gamble
  • SC Johnson
  • Unilever

One immediate beneficiary of the initiative could be the newly announced Recycling Partnership, led by the Curbside Value Partnership. The outcome of a four-month intensive stakeholder discussion led by the Southeast Recycling Development Council and focused on coming up with a plan to drive recycling in the region, the Recycling Partnership will rely on public-private initiatives to increase recycling on a city-by-city basis.

A meeting on the program will convene tomorrow in Bentonville, Arkansas, home to Walmart’s headquarters.