Minderoo Releases Plastics Pollution Report
A report released by the Minderoo Foundation, a philan- thropic organization based in Australia, highlights the scale of the plastic waste crisis. Called the Plastic Waste Makers Index , the report claims that 20 companies supported by a small group of financial backers are responsible for produc- ing more than 50 percent of single-use plastic that ends up as waste worldwide, though the plastics industry said the report is misleading. The 86-page report said that while 100 companies are behind 90 percent of global single-use plastic production, about 20 polymer producers accounted for more than half of all single-use plastic waste generated globally in 2019. Exxon Mobil and the Dow Chemical Co. topped the list, while China-based chemical company Sinopec followed. Together, the report said these companies contributed 16 percent of single-use plastic waste. According to the foundation, close to 60 percent of the commercial finance funding single-use production comes from 20 global banks, including Barclays, HSBC and Bank of America.A total of $30 billion in loans have gone to the sector since 2011. The foundation’s report found that more than 130 million metric tons of single-use plastic ended up as waste in 2019. About 19 percent of this waste, about 25 million metric tons, were littered. A 30 percent increase is projected in global throwaway plastic production over the next five years.The foundation said this production growth will lead to an extra 3 trillion items of plastic waste by 2025. As a result of the findings, the foundation calls for regula- tions requiring petrochemical companies to disclose their plastic waste footprint and commit to transitioning away from fossil fuels toward circular models of plastic produc- tion. It also calls for banks and investors to shift capital, investments and finance away from companies producing new fossil-fuel-based virgin plastic production to companies using recycled plastic feedstocks. However, the report has already drawn opposition from other plastics groups. The American Chemistry Council (ACC) called the report misleading, saying it undermines the role plastics play in lowering greenhouse gas emissions. TheACC claims that the Minderoo report leaves out plastic’s role in enabling innovations needed for sustainable infra- structure like solar panels, wind turbines, electric vehicles and charging stations. Metso Outotec To Unveil E-Scrap Smelting Systems In June, Finland-based Metso Outotec Corp.will introduce what it calls a “comprehensive” electronic scrap solutions portfolio for the smelting and refining of waste electrical and electronic equipment (WEEE). The array of 11 processes and types of equipment “con- sists of Metso Outotec’s smelting, refining, hydrometallurgy and gas-cleaning technologies.
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Recycling Markets June 7, 2021 3
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