“The New Plastics Economy: Rethinking the future of plastics” provides a vision of a global economy in which plastics never become waste, and outlines concrete steps towards achieving the systemic shift needed.
The report acknowledges that while plastics and plastic packaging are an integral part of the global economy and deliver many benefits, their value chains currently entail significant drawbacks. Assessing global plastic packaging flows comprehensively for the first time, the report finds that most plastic packaging is used only once; 95% of the value of plastic packaging material, worth $80-120 billion annually, is lost to the economy. Additionally, plastic packaging generates negative externalities, valued conservatively by UNEP at $40 billion. Given projected growth in consumption, in a business-as-usual scenario, by 2050 oceans are expected to contain more plastics than fish (by weight), and the entire plastics industry will 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. 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.
Achieving such systemic change will require major collaboration efforts between all stakeholders across the global plastics value chain – consumer goods companies, plastic packaging producers and plastics manufacturers, businesses involved in collection, sorting and reprocessing, cities, policymakers and NGOs. The report proposes the creation of an independent coordinating vehicle to set direction, establish common standards and systems, overcome fragmentation, and foster innovation opportunities at scale.