Enabling systems change We are focused on new ways to harness the power of technology, partnerships, and investments to drive impact at scale and pace to help the world more effectively transform to a circular economy. Circular materials management requires all stakeholders to participate in the transition from discarding materials to reusing them. Appropriate infrastructure and technology are important factors needed to actualize this vision while minimizing environmental impact. To enable and accelerate the circular economy, the world must consider what materials are used, how goods are manufactured, how products are used and reused, how and where materials are collected at end-of-life, and how they are brought back into the supply chain. Circular materials management requires the transition from discarding materials to reusing them. Funding innovation via CIF The Climate Innovation Fund (CIF) invests in technologies and processes that can reduce the amount of waste generated by repurposing waste into other usable materials and products and enabling the continuous safe use of natural resources. In 2021, we invested in Rheaply , a technology-enabled p latform that brings together companies, government, educational institutions, and more to generate increased visibility and circularity of physical assets. Rheaply allows for transfers of materials that may otherwise go to waste and is building insights around waste diversion and embodied carbon emissions saved on the platform. In FY21, we kicked off an internal pilot with Rheaply to better understand the opportunity for creating an internal hardware reuse program. We aim to extend the life of internal hardware turned in for recycling, creating a standardized, scalable, traceable, and circular program for our assets prior to responsibly recycling. We are also seeing impact from our 2020 Closed Loop Partners fund investments, including the following developments in their portfolio. Turning waste into clean energy HomeBiogas (HBG), based in Israel, is a leader in developing affordable, simple-to-use biogas systems, enabling people and businesses around the globe to turn their own organic waste into renewable energy and liquid fertilizer on site. A typical household can save six tons of CO 2 emissions a year with the entry-level biogas system. HBG serves over 10,000 households across more than 100 countries. The company has improved the circularity of the products themselves—lengthening the shelf life to over 15 years, and making the materials used for the digester 100 percent recyclable. Closed Loop Partners, an early investor of HBG, currently represents the largest ownership stake in the company, which currently trades on the Tel Aviv Stock Exchange. 8 Providing a model for circular economy infrastructure Balcones Resources, the largest privately held recycling company i n Texas, became the Closed Loop Leadership Fund’s inaugural investment in October 2019. As part of Balcones’ growth strategy to build best-in-class recycling operations across the southern United States, the company closed a bolt-on acquisition of Single Stream Recyclers (SSR) in 2020. SSR is the first AI-powered recycling company in the United States. Balcones’s facility in Austin, Texas processed 136,000 tons of high-quality recyclable materials in 2020, including 80,000 tons of paper, more than 20,000 tons of glass, and at least 4,000 tons of plastics. 8 71