Revolutionizing our Relationship with Plastic
Shankar Swamy
Chief Financial Officer and Sustainability Lead at EcoAdvisors & EcoInvestors Capital
Remember the three Rs (Reduce, Reuse, Recycle) to help the planet? Well, the time is now to revolutionize our relationship with plastic to address the three Ps: the Proliferation of Plastic Pollution.
The Plastic Problem:
Plastic is everywhere – from our oceans and streams to our very own bloodstreams. In 2019, annual plastic production totaled 460 million metric tons (MT), representing over 2.24 Gigatons (GT) CO2 emissions (~5% of planet-warming emissions). At a current expected production growth rate of 2.5%/year, this could more than double and grow to 20% of emissions by 2050, according to a report by the Lawrence Berkeley National Laboratory. Since 1950 more than 8.3 GT of plastic have been produced, most of which ends up in landfills or in the environment (air, land and water) where it has harmful effects on wildlife , ecosystems and human health . So, while plastic is incredibly durable and versatile (making it such an essential part of our economy), it has an outsized negative impact on carbon emissions, environmental degradation and species health (including humans).
As the proliferation of plastic pollution continues to plague people and our planet, there is some cause for optimism as the world becomes aware of the ongoing dangers and attempts to remedy them.
The emerging #PlasticsTreaty will be the first global binding agreement on plastics with a focus on “refill, reuse and repeat”. ?It seeks to address the full life cycle of plastics, helping protect nature, human health, climate and help create jobs.
Following the fourth session of the Intergovernmental Negotiating Committee (#INC4) on plastic pollution in Ottawa last month, we are starting to see a clearer pathway to this ambitious Plastics Treaty that aims to be finalized at the fifth session (#INC5) in Busan this November.
While some celebrated progress, others were left disappointed.
In this article:
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What you need to know about INC-4:
Plastic production: Countries like Peru and Rwanda have led an effort to include targeted reductions in plastic production reduction which is also supported by many developing countries. Most of the developed world and especially oil producing countries are opposed to any such measure. They see a world where fossil fuel demand will already be reduced in transportation and power generation sectors, so plastic production growth is critical for their economies.
Plastic use: Single use plastics represent ~50% of all plastic production. 56 global companies account for 50% of branded plastic pollution with 5 companies accounting for just under 25% of global totals, including Coca-Cola (11% of global total), Pepsi (5%), Nestle (3%), Danone (3%) and Altria (3%). ?Substitutes for many common single-use plastic products (e.g. fruit and vegetables containers) are limited in circulation and have other limitations such as higher costs, less durability or are more energy intensive to produce. Meanwhile recycling plastic is complex, expensive and limited in usefulness. Globally, less than 10% of plastic is recycled and that number has been constant for over 2 decades.
Improve plastic waste management: Solutions to process plastic waste completely to avoid pollution and corresponding health impacts are still in early stages of development and will take a long time before reaching any level of scale necessary.?
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INC Members agreed to intersessional work between now and INC-5 to catalyze convergence on key issues, such as means of financing and implementing the treaty, expert discussions on chemicals and products of concern, and product design.
The production of new plastic, however, will not be discussed in these intersessional working groups... hence where some of the disappointment lies.
The Revised Document has been somewhat streamlined, though the intersessional working groups will not include textual negotiations.
What to expect at INC-5 in November 2024 in Busan:
Key Takeaways:
Solutions revolutionizing the way we consume exist today!
While the emerging Plastics Treaty advances, we don’t have to wait! Solutions already exist and are scaling.? One example is our partners at Algramo .? Algramo is addressing single-use plastic waste with a systems solution that revolutionizes our consumption habits to Refill, Reuse and Repeat that eliminates single-use plastics and helps us transition to a circular economy. ?Algramo’s refill/reuse consumption model makes circularity accessible and fun for consumers; convenient for multiple brands and retailers to implement; and, cost-effective for brands and consumers.
Imagine leaving your home (with only your phone in hand and a reusable bag) to enjoy a coffee at your favorite café, a drink at a music festival, a beverage from a vending machine at your office, university or local hospital, or to purchase household cleaning products at your grocery store.? Sounds pretty standard, right?? What if all these purchases were made with an Algramo app, reusable and returnable smart cups/containers, and that you only paid for the product and not the plastic? Well, it’s possible and it’s happening. Check it out: https://algramo.com/en/
Let’s not waste any more time. Let’s revolutionize our relationship with plastic and #BeatPlasticPollution.
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