The Challenges with Plastic Waste
- Global demand for plastic is projected to grow from 460 Mt in 2019 to 1231 Mt in 2060.
- The highest growth of plastic used is dominated by the auto, construction, electronics and packaging industries.
- Plastic waste is projected to almost triple, from 353 Mt in 2019 to 1014 Mt in 2060.
- Plastic pollution is one of the great environmental challenges of the 21st century, causing wide-ranging damage to ecosystems and human health.
- Plastic waste is mismanaged: collection, sorting and recovering infrastructure is limited. Successful wide spectrum plastic recycling remains a challenge at large.
- Demand for higher upcycling targets in the EU. Today it stands at only 13%.
- Less than 10% of plastic waste is recycled.
- Plastic Recycling Technologies are under - developed, inefficient and costly.
- Complex supply chains and contamination of waste streams places significant limitations on the opportunity to recycle and reuse plastic in new products.
- Lack of private finance between seed and commercialisation stages prevents technologies maturing so they can transition from niche to scalable, robust solutions.
- The scarcity of private-public partnerships across the value chain are preventing the market from responding quickly and efficiently to the problem.
- EU has set a target to recycle 50% of plastic waste by 2025 and 55% by 2030. EU has also introduced legislation on single-use plastics, banning several items.