Brands asked to pay premium for using new plastic

The Guardian 1 month ago

An Australian billionaire is asking household brands to reduce plastic waste by paying a premium for virgin plastics, making recycled products cheaper in comparison.

Andrew Forrest, a mining magnate turned philanthropist who is one of the 10 richest people in Australia, is setting up a $300m (£240m) initiative to encourage the collection and recycling of plastic waste, through his Minderoo Foundation.

The initiative titled Sea The Future will target big companies that use plastic in their packaging, asking them for voluntary contributions that will raise money for recycling projects.

“Industry, fully supported by governments and regulators, is the only sector that can drive the urgent global shift needed to save our oceans from plastic waste,” said Forrest, who launched the plan in New York on Wednesday, after the UN climate action summit highlighted ecological destruction.

“This existential threat requires a global solution, able to transcend borders, politics and corporate responsibility. Only a broadly adopted international industry-led approach will keep plastics in the economy and out of the environment.”

He said the world had only about five years to take drastic action on plastic waste, which is growing so abundant that plastic is on track to outweigh fish in the oceans by 2050, and is estimated to cost $2.2tn a year in environmental and social damage.

By attaching a greater value to plastics, through a higher charge for virgin plastics, Forrest believes that the economics of the packaging industy can be changed, to make it more worthwhile to recycle plastics and avoid using so much material created from fossil fuels.

Forrest said it would also create higher value jobs in recycling and turn waste into an economic resource, which would make it less likely to end up in the sea, and require less fossil fuel than the plastics industry currently uses.

The billionaire has previously called for a global tax on plastics to be imposed by governments, but while some have taken action by banning or putting a charge on plastic bags, and restrictions on single-use plastics, a coordinated global charge looks unlikely.

Sea the Future was welcomed by green campaigners. Andrew Morlet, the chief executive of the Ellen MacArthur Foundation, which campaigns on the issue, said: “This is exactly the type of systemic thinking needed to build a circular economy, by creating value for used plastic and helping decouple our economy from fossil fuels. [We need to] eliminate the plastics we don’t need, and circulate those we do.”

Funds raised by the Sea the Future project will be devoted to new recycling technology, the infrastructure needed to collect and recycle plastic waste, and the remediation of polluted areas of the seas and coast.


Source link
Read also:
Business Insider › Technology › 1 month ago
About 14 million tons of plastic enter the ocean every year, 40% of which is single-use plastic. Some scientists estimate that there are 5.25 trillion pieces of plastic debris in oceans worldwide. A lot of that plastic ends up in giant garbage patches...
Business Insider › Finance › 3 weeks ago
Amazon charges brands for consideration for its annual holiday toy list, according to a report from Bloomberg. Brands pay as much as $2 million, and the more they pay, the more toys they can nominate. Amazon does not disclose that it charges brands to...
The Guardian › Finance › 1 month ago
Brewer plans to cut plastic use by 850 tonnes a year with new approaches to packagingBrewing firm Budweiser is to phase out single-use plastic pack rings from its entire range of UK-produced beer – which include the bestselling brands Stella Artois...
CBS Local › 1 month ago
Plastic bags in Baltimore may get a little bit thicker if a new amendment to the plastic bag ban bill is approved by City Council.
CBC › Lifestyle › 1 week ago
Three of the world's largest beverage companies announced this week they're investing $100 million to cut down on the use of new plastic and improve plastic bottle recycling. But if we all agree plastic bottles are a problem, why do companies still...
Sputnik International › 1 week ago
New Delhi (Sputnik): India has vowed to ban single-use plastics by 2022. Currently, the per capita consumption of plastic in the country is 11-kg per year, and it generates 26,000 tonnes of plastic waste yearly. While 60 per cent of this is recycled...
New York Post › 3 days ago
Coca-Cola was once again named the world’s largest plastic polluter. For the second year in a row, the nonprofit Break Free From Plastic tagged the Atlanta-based Coke as the biggest producer of plastic waste. The environmental group had 72,541...
Express › Finance › 1 month ago
PREMIUM BONDS are entered into a monthly prize draw, with the Bond numbers given the chance of being randomly selected for different prizes. When are Premium Bonds drawn each month ahead of the winners for October 2019 being announced?
The Guardian › 1 month ago
Award-winning material looks and feels like plastic but is stronger and can be disposed of as food wasteA bio-plastic made of organic fish waste that would otherwise end up in landfill, with the potential to replace plastic in everyday packaging, has...
Forbes › Finance › 1 month ago
The war on plastic pollution continues to gather pace. As Ocean Cleanup engineers battle to recover plastic from the oceans, consumer goods giant Unilever has pledged to halve its use of plastic by 2025 and investor BlackRock has launched a circular...
Sign In

Sign in to follow sources and tags you love, and get personalized stories.

Continue with Google
OR