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The International Finance Corporation (IFC) and Greenback Recycling Technologies, Limited have signed an agreement to jointly develop a waste recycling pilot project, featuring innovative modular recycling plants. These chemical recycling plants have the capacity to transform multilayer plastic waste into pyrolysis oil, which can be reused for recycled plastic production. The technology allows to extract aluminum from the feed stock. Additionally, Greenback developed a traceability software called eco2Veritas that uses AI, IoT (i.e. scales, temperature readings and optical scanners), as well as the blockchain technology to produce certificates that are sold to off-takers and brands as proof to claims they make about the recycled content in their products. The initial project covers three modules and is expected to have a maximum capacity to transform approximately 6,750 tons of waste into 4,500 tons of pyrolysis oil annually. Under the agreement, IFC will share a portion of the project development costs, provide substantial expertise to ensure compliance with the IFC Performance Standards and leverage its expertise to support the project development and financing. The project’s objective is thus to support two innovative technological solutions for plastic packaging circularity and provide leeway for circular economy schemes in Latin America.