From Waste to Power: Feedstock Control and Capital in the Circular Economy

Companies Mentioned: WM, Republic Services, Veolia, LyondellBasell, Borealis, PureCycle, Dow, ExxonMobil, Nova, CF Industries, Mitsui, JERA, BP, ArcelorMittal, McPhy, HH2E, Green Hydrogen Systems, Codelco, Rio Tinto, SQM, Sabic, Apollo
Commodities Mentioned: Hydrogen, Ammonia, Ethanol, Biodiesel, Corn, Soybeans, Lithium, Resin, Post-Consumer Resin (PCR), Polypropylene (PP), Polyethylene (PE), PET, HDPE, Electricity, CO₂

1st Topic of the Week: In circular plastics, the emerging power dynamic favors those controlling both waste inputs and brand offtake, with those controlling neither being more strategically at risk of cost or offtake disruptions.
2nd Topic of the Week: Europe’s hydrogen ambitions are being tested as high energy costs, rigid regulations, and fragmented execution erode investor confidence, exposing the gap between vision and industrial viability.
Otherwise – Resilience, execution, and capital alignment define the energy transition’s next phase, where infrastructure, sustainable fuels like ethanol, and power generation strategies determine winners and losers.

Exhibit 1: Sustainability delays redraw competitive lines, creating vulnerabilities for some and advantages for others.