A report released by the World Economic Forum and the Ellen MacArthur Foundation, entitled the New Plastics Economy: Rethinking the future of plastics, has warned that by 2050 oceans are expected to contain more plastic than fish (by weight) if the plastics value chain doesn’t change its current modus operandi.
Additionally, the report claimed that plastic packaging generates negative externalities, valued conservatively by UNEP at $40 billion. Given projected growth in consumption, in a business-as-usual scenario, the entire plastics industry is expected to consume 20% of total oil production and 15% of the annual carbon budget.
“In this context, an opportunity beckons for the plastics value chain to deliver better system-wide economic and environmental outcomes, while continuing to harness the benefits of plastic packaging,” said Adrian Griffiths, CEO, Recycling Technologies which along with 40 other participants collaborated in the report. “The New Plastics Economy, outlined in this report, envisages a new approach based on creating effective after-use pathways for plastics; drastically reducing leakage of plastics into natural systems, in particular oceans; and decoupling plastics from fossil feedstocks.”
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