Circular Economy (Cont’d from Page 1)
post-use plastic might be achievable by redirecting a portion of new manufacturing investment toward a wider range of plastic recycling facilities, including mechanical and chem- ical recycling, especially as the latter becomes more eco- nomically feasible, IHS Markit said. More than $300 billion of the total capital spending ear- marked for new plastics production capacity could be re- directed to mechanical and chemical recycling processing capacity, thereby meeting the goals of an aggressive circular economy case, the analysis states. The findings are part of the new IHS Markit Circular Plastics Service, which provides a comprehensive, scenar- io-based road map for how the plastics value chain could transition from a linear to a circular economy model.The research examines two scenarios: progress toward achiev- ing plastics circularity at an incremental, measured pace, and a more aggressive scenario in which progress is accel- erated by ambitious goals and policies set by governments and society. Future Carbon The IHS Markit Circular Plastics Service addresses the im- plications of carbon intensity and the impact on future cap- ital investments within the context of energy transition and carbon valuation amid changing policy and regulations.This service quantifies the magnitude and timing of substantial market shifts, identifies key regulatory and societal risks and provides ongoing tracking of fast-moving developments. “Today, the plastics ecosystem has firmly committed to a transition in which the incumbent linear ‘make, use and dis- pose model’ for plastics is moving toward a more advanced state,” said Robin Waters, Executive Director, Plastics Plan- ning and Analysis, IHS Markit. “In this new case, we keep resources in use as long as possible, extract the maximum value while in use and then recover and regenerate valuable products and materials at the end of life.” Public Concerns Driven by regulation, legislation and rising public con- cerns, progress toward a fully circular economy for plastics by 2050 is increasingly being sought.Yet, demand for plas- tics continues to grow as population and global standards of living rise, IHS Markit notes.A large quantity of plastic is used in single-use packaging (SUP) applications, and much of this plastic ultimately will turn up in the municipal solid waste (MSW) stream. “Our analysis indicates that the situation is likely to be- come urgent,” said Anthony Palmer, Vice President, IHS Markit. “At the heart of the matter is that the widespread benefits associated with the use of plastics contrast sharply with the way the world manages its end-of-life disposal— the so-called ‘plastics dilemma.’” The global volume of MSW will increase from 2.1 billion metric tons in 2020 to 3.5 billion to 3.7 billion metric tons in 2050, IHS Markit said.With plastics representing approxi- mately 12 percent of MWS, this means global end-of-life plas- tics will rise to more than 425 million metric tons in 2050,
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Recycling Markets October 25, 2021 3
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