Strengthening Sustainability in the Plastics Industry
Plastic is indispensable to modern life, so ubiquitous that it is virtually invisible. In many ways, it is an ideal material. Invented in the mid-19th century, plastic is remarkably versatile and relatively cheap to make, and it can be used as an i...
| Main Authors: | , |
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| Format: | Working Paper |
| Language: | English |
| Published: |
World Bank, Washington, DC
2022
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/805501646905466353/Strengthening-Sustainability-in-the-Plastics-Industry http://hdl.handle.net/10986/37144 |
| Summary: | Plastic is indispensable to modern
life, so ubiquitous that it is virtually invisible. In many
ways, it is an ideal material. Invented in the mid-19th
century, plastic is remarkably versatile and relatively
cheap to make, and it can be used as an inexpensive
substitute for wood, glass, metal, and many other building
and manufacturing materials. They play a vital role in
driving industrial development, creating jobs, expanding
opportunities, and generating wealth to improve people’s
lives. But as the use of plastic has increased, so too have
the environmental and social costs. The production process
uses petrochemicals as a raw material and generates
greenhouse gas emissions. Perhaps the biggest cost is the
waste generated by discarded plastic goods. Most of the
common plastics of today are not fully biodegradable, and
that has created a cascade of environmental, financial, and
health problems around the world. Every year, eight million
tons of discarded plastics make their way into the oceans.
With enhanced recycling systems and better cooperation among
industry, governments, and consumers, these plastics can be
readily collected, reused, and turned into something of
value. In the past dozen years, the plastics industry has
been urged to rethink the material’s entire lifecycle by
developing manufacturing processes that use fewer natural
resources, emit With support from the International Finance
Corporation (IFC) and the private sector, the industry is
embracing initiatives and investing in novel technologies
that can reduce plastic’s environmental footprint and
provide broad economic benefits while meeting the growing
demand for products made of plastic. |
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