Circular Economy

Translate

en English af Afrikaans sq Albanian ar Arabic hy Armenian az Azerbaijani eu Basque be Belarusian bg Bulgarian ca Catalan zh-CN Chinese (Simplified) zh-TW Chinese (Traditional) hr Croatian cs Czech da Danish nl Dutch et Estonian tl Filipino fi Finnish fr French gl Galician ka Georgian de German el Greek ht Haitian Creole iw Hebrew hi Hindi hu Hungarian is Icelandic id Indonesian ga Irish it Italian ja Japanese ko Korean lv Latvian lt Lithuanian mk Macedonian ms Malay mt Maltese no Norwegian fa Persian pl Polish pt Portuguese ro Romanian ru Russian sr Serbian sk Slovak sl Slovenian es Spanish sw Swahili sv Swedish th Thai tr Turkish uk Ukrainian ur Urdu vi Vietnamese cy Welsh yi Yiddish
Open Translation

PERTH: A report by the philanthropic Minderoo Foundation says 20 companies produce over 50 percent of all single-use plastic that ends up as waste and 100 are behind 90 percent of global single-use plastic production.

The ‘Plastic Waste-Makers Index’, topped by Exxon-Mobil, Dow and Sinotec, has been produced with the support of environmental research consultant Wood Mackenzie, the London School of Economics and Stockholm Environment Institute.

Over 130 million tonnes of single-use plastic ended up as waste in 2019 – almost all of which was burned, buried or dumped, including 25 million tonnes in the ocean or on land.

Australia and the US respectively produce the most single-use plastic waste with over 50 kilos per person per year. In China – the largest producer of single-use plastic by volume – it is 18 kgs a year per head while in India it is four kgs.

According to the report, environmental campaigners had previously placed the blame for plastic waste on packaged goods brands including PepsiCo and Coca-Cola.

New research suggests the truce source is a small group of polymer producers and their financiers: Nearly 60 percent of the commercial finance for single-use production comes from just 20 global banks. Some US$30 billion from these institutions – including Barclays, HSBC and Bank of America – has gone to the sector since 2011.

Twenty asset managers – led by Vanguard Group, BlackRock and Capital Group – hold over US$300 billion in the parent companies of single-use plastic polymer producers. Of this, US$10 billion is directly linked to its production.

The report also reveals the scale of inaction by plastic producers and how they are compounding the existing throwaway plastic waste crisis:

• A 30 per cent increase in global throwaway plastic production is projected over the next five years;
• This growth in production will lead to an extra three trillion items of throwaway plastic waste by 2025 alone;
• Recycled plastic or feedstocks account for no more than two percent of global single-use plastic production, meaning 98 per cent of these plastics are produced from fuels;
• Plastic producers score badly in a best practice assessment of the move to circular-based forms of production necessary in addressing the crisis;
• The global economic downturn caused by the coronavirus pandemic pushed down the price of oil, making fossil-fuel-based single-use plastics even more financially attractive.

“Tracing the root causes of the plastic waste crisis empowers us to help solve it,” commented Al Gore, former US vice president and joint Nobel Peace Prize winner. “The trajectories of the climate crisis and the plastic waste crisis are strikingly similar and increasingly intertwined. As awareness of the toll of plastic pollution has grown, the petrochemical industry has told us it’s our own fault and has directed attention toward behaviour change from end-users of these products, rather than addressing the problem at its source.”

The top 20 polymer producers by volume:

1 ExxonMobil
2 Dow
3 Sinopec
4 Indorama Ventures
5 Saudi Aramco
6 PetroChina
7 LyondellBasell
8 Reliance Industries
9 Braskem
10 Alpek SA de CV
11 Borealis
12 Lotte Chemical
13 INEOS
14 Total
15 Jiangsu Hailun Petrochemical
16 Far Eastern New Century
17 Formosa Plastics Corporation
18 China Energy Investment Group
19 PTT
20 China Resources


“The plastification of our oceans and the warming of our planet are among the greatest threats humanity and nature have ever confronted,” explained Andrew Forrest, chairman and co-founder of the Minderoo Foundation.

“Global efforts will not be enough to reverse this crisis unless government, business and financial leaders act in our children’s and grandchildren’s interests. And we must act now. Because while we bicker, the oceans are getting trashed with plastic and the environment is getting destroyed by global warming,” he continued.

Top 20 polymer investors by shareholdings

1 Kingdom of Saudi Arabia
2 People’s Republic of China
3 Emirate of Abu Dhabi
4 Ambani Family
5 Vanguard Group
6 Canopus International
7 BlackRock
8 Capital Group
9 Mr James Arthur Ratcliffe
10 East Step International Holdings
11 Zhejiang Rongsheng Holding Group
12 State of Qatar
13 Republic of India
14 State Street
15 Access Industries
16 Magna Resources Corp
17 Chang Gung Medical Foundation
18 TTWF
19 Federation of Malaysia
20 PPH Polymer Products Holdings

The Minderoo Foundation was founded by Forrest and his wife Nicola in 2001 and he remains chairman of Fortescue Metals Group, a public company he began in 2003 and now one of the world’s main suppliers of iron ore.

Funded by Fortescue, the Minderoo report is calling for petrochemical companies to disclose their plastic waste footprint and commit to circular business models while investors only finance companies that use recycled plastic feedstocks.
Story Type: News

Vote for my Story

Our Rating: 9% - 1 votes

1000 Characters left


September 13, 2021
Circular Economy Editor

Redundant wind turbines opportunity for Scotland’s circular economy

STIRLING: A report by Zero Waste Scotland (ZWS) says the decommissioning of 5,500 onshore wind turbines across the country by 2050 will produce 1.4 million tonnes of recyclable materials and an opportunity to expand the country’s nascent circular economy.…
September 10, 2021
Circular Economy Editor

The Netherlands joins Scandinavia for circular economy advocacy

AMSTERDAM/OSLO: Circle Economy has joined the Nordic Circular Hotspot (NCH), its advocacy counterpart in Scandinavia, to accelerate a circular business transition through knowledge sharing, networking and collaborative projects. The partnership is part of an…
August 30, 2021
Circular Economy Editor

Vestas to introduce e-commerce platform for renewables aftermarket

AARHUS, Denmark: Vestas Wind systems will introduce a renewables aftermarket e-commerce platform later this year for buyers and sellers of parts and services. Called ‘Covento’, the platform will eventually replace Vestas’ existing platform Shop.Vestas to…
August 26, 2021
Circular Economy Editor

Ireland to announce circular economy legislation

DUBLIN: The Irish government has awarded €490,000 to 10 projects developing circular economy businesses in Ireland for sustainable fashion, marine plastics, reusable food packaging and construction. The companies are AM Acoustic Materials, Community Resources…
August 23, 2021
Circular Economy Editor

From fossil fuels to toxic chemicals - the show must go on?

GOTHENBURG: Peter Pierrou is head of Communications at Chemsec, a non-profit organisation that enables the work of chemists, political scientists, business experts and communicators to develop the use of sustainable chemicals. He says despite the dire warning…
August 18, 2021
Circular Economy Editor

FedEx joins circular capital equipment coalition

AMSTERDAM: FedEx Express Europe has joined the Capital Equipment Coalition (CEC) set up in 2018 to preserve and recover the value from the capital equipment they produce, service or influence. FedEx becomes the only logistics provider to join nine existing…
August 16, 2021
Circular Economy Editor

Tata to recycle 36,000 cars a year in circular economy move

GANDHINAGAR, India: Tata Motors has signed an MoU with the state government of Gujarat’s Ports and Transport department to recycle end-of-life passenger and commercial vehicles. The company’s new centre in Ahmedabad will handle up to 36,000 vehicles a year…
August 04, 2021
Circular Economy Editor

amazon promotes its reseller services

SEATTLE: Amazon has responded to recent press reports of large amounts of unsold stock being destroyed rather than donated to charities or sent to liquidators, by announcing the existence of its own reseller service for businesses. The company says FBA…
July 30, 2021
Circular Economy Editor

Consumer Rent-to-Recirculate business gets US$1 billion endorsement

BERLIN: Grover, a circular economy-based renter of consumer technology, has secured US$1billion in equity and asset-backed financing to increase its subscribers from 475,000 to five million by 2024. Fasanara Capital will fund a special purpose entity to…
July 21, 2021
Circular Economy Editor

New circular economy map for marine industry

LONDON: The Sustainable Shipping Initiative (SSI) has published a report discussing the potential of applying circular economy principles to maritime shipping. Authored by Dutch sustainability and circularity consultancy 2BHonest, the report says it is time…
July 06, 2021
Circular Economy Editor

CMA CGM to use biomethane from household waste for containerships

MARSEILLE: CMA CGM is expanding its search for alternatives to fossil fuel-based ship propulsion with a plan to convert household waste from 1.8 million people living in France’s largest local authority to liquefied biomethane (BioLNG). Produced by converting…
June 28, 2021
Circular Economy Editor

Scotland discovers current consumer habits are unsustainable

STIRLING, Scotland: Zero Waste Scotland (ZWS) has published a report revealing the country’s inhabitants consume materials at over twice a sustainable rate every year. Analysis of Scotland’s first Material Flow Account (MFA) explains the scale and nature of…

We are using cookies

By continuing you are agreeing to our use of cookies

I understand