🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Plastic consumption on course to nearly double by 2050 - research

Published 02/26/2023, 11:33 PM
Updated 02/26/2023, 11:37 PM
© Reuters. FILE PHOTO: Workers sort out plastic waste for recycling at Minato Resource Recycle Center in Tokyo, Japan June 10, 2019. REUTERS/Kim Kyung-Hoon

SINGAPORE (Reuters) - Plastic use in G20 countries is on course to nearly double by the middle of the century unless a comprehensive and legally binding global treaty to curb consumption is drawn up, according to research published on Monday.

Existing programmes to boost recycling or cut single-use plastic consumption only "scratched the surface" and a more comprehensive global plan is required, according to Back to Blue, a research group run by the Economist Impact think-tank and the Nippon Foundation, a private philanthropic organisation.

The United Nations kicked off negotiations on an agreement to tackle plastic pollution in Uruguay in November, with the aim of drawing up a legally binding treaty by the end of next year. As many as 175 countries have signed up to the talks.

However, if negotiations fail, annual plastic production in G20 countries could rise to 451 million tonnes by 2050 according to current rates of growth, Back to Blue said - up nearly three-quarters from 2019.

"There should be no illusions that the treaty negotiations will be anything but difficult and treacherous," the research group said. "The chances of failure - not just that no treaty emerges but one that is too weak to reverse the plastic tide - are considerable."

It called for a more aggressive ban on single-use plastic together with higher production taxes and mandatory schemes to make firms responsible for the entire lifespan of their products, including recycling and disposal.

© Reuters. FILE PHOTO: Workers sort out plastic waste for recycling at Minato Resource Recycle Center in Tokyo, Japan June 10, 2019. REUTERS/Kim Kyung-Hoon

The combined measures could limit annual consumption to 325 million tonnes by 2050, Back to Blue said, but that would still be up by a quarter compared to 2019, and the equivalent of 238 million filled rubbish trucks.

Among the G20 countries that have yet to introduce national bans on single-use plastic products are Brazil, the United States, Indonesia and Turkey, the report said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.