As per ESG Today, Vioneo was launched to help develop sustainable alternative for two of the most used types of plastic for packaging, namely polypropylene and polyethylene. Of all the plastic used annually, only 9% is being recycled, according to experts, making it even more urgent to find sustainable alternatives.

Jan Secher, former CEO of Clariant AG and Perstorp Group, who has been appointed Chair of the Board of Directors of Vioneo, said that "by adopting advanced proven technologies and green methanol, we are addressing fundamental environmental challenges associated with conventional plastics, while simultaneously offering a significant opportunity for Europe to lead the defossilization of the €5 trillion global chemicals and materials sector, securing a leading position for Europe in the transition."

The buildout of the facility, as well as the supply with raw materials will require an investment of up to 1.5 billion euros in equity and debt, but A.P. Moller officials say that the success of the initiative will heavily depend on the regulatory frameworks, as well as the policies that will support a competitive market for the fossil-free plastics.