The key to unlocking finance in the industry include a firm Plastic Waste Policy by the government, innovative finance and capital solutions, collaboration with key partners and reduced single-use plastic in our operations.
2020 the year of the pandemic, a year which has magnified economic and social inequality, another of our planet’s most urgent sustainability problems persisted: Plastic pollution. According to University of Georgia environmental engineering professor Jenna Jambeck, if all the plastic waste generated in 2020 could be melted down, it could pave a road 30 feet wide and more than 2 inches thick all the way to the moon.
Looking into this challenge, we have committed to advancing scalable solutions as part our Plastic Waste Commitment, which was made in 2020 to help facilitate the prevention, reduction and removal of 50 million metric tons of plastic waste from rivers, oceans, landscapes and landfills by 2030. As a medium term target for the end of 2025, we have committed to reach more than 5 million metrics tons of this overall goal, by mobilising commercial solutions, engaging in key partnerships and reducing plastic in the operations of our ecosystem and partners.
"We are making progress ever since we made the commitment and we continue to see growing demand across the plastic value chain for solutions to the challenges of plastic waste," said BK Ngejane, Peniel Impact CEO & Founder. I do believe we have a chance to help drive systemic change through our continued insights and complementary ecosystem initiatives.”
Financing Plastic Waste Solutions
In order to meet the targets of our Plastic Waste Commitments we leverage our role at the intersection of climate and scaling innovations to facilitate data insights and innovative financing. For example, through our technology ecosystem we leverage data insights throughout the lifecycle of the innovation and deployment processes. Our objective is to reduce cost and improve top-line growth while accelerating the go to markets processes of plastic innovations.
Through our innovative finance ecosystem partners we are able accelerate the origination and design of green, sustainability and blue bonds, which raise funds for environmental projects, including those that target plastic recovery and recycling.
There are a few ways in which we can improve the biodegradability of plastics including commitments by corporates to use at least 50% recycled polyethylene terephthalate in their bottles. Another alternative is the financing of apparel and footwear companies through green bonds, which can be used to purchase fabrics containing at least 50% recycled-content nylon and polyester. Funding and supporting scientific innovation targeted at the discovery of materials that help make plastic products biodegradable and compostable is another alternative.
Through innovations in finance similar to the Solactive ISS ESG Future of Plastic Index by Morgan Stanley, we can equip investors with a benchmark index of companies with leading practices and activities addressing plastic waste.
We continue to develop strategic partnerships with both private and publicly listed global companies leading on the innovation and implementation of plastic waste solutions and efficient materials use.
Partnering on Plastic Waste Solutions
Scaling solutions to the plastic waste problem also requires new research and development efforts across industries, universities, nonprofits and the public sector, so our alliances with educational and non-profit institutions to facilitate research, systems design and collective action are another key aspect of the firm’s Plastic Commitment.
On the research and learning side, the firm leverages data to learn of new approaches to understanding the plastic value chain challenge like the systems analysis framework showing U.S. flows of plastic, starting with materials production and tracking through product manufacturing, use and end-of-life management. The framework is a guide that aims to help accelerate technology and market-based solutions.
Through our eco-system partners we are able to tap into rapidly evolving technologies like the Debris Tracker, a mobile app introduced in 2010 that allows people all over the world to log pollution that they encounter. Last year, app users logged more than 875,000 items of litter, with data collected in 34 countries and on every continent except Antarctica. Approximately 66% of items logged were plastic, with plastic and foam fragments, cigarette butts and plastic food wrappers as the items found most often.
In the medium to longer term we have create concrete steps to leverage the Global Plastic Action Partnership, part of the World Economic Forum, and partner with governments, businesses and citizen groups to transform commitments on plastic pollution reduction into concrete action at national and global levels.
Eco-system cleanup
Across our global partner ecosystem and their operations, we continue to influence the reduction of single-use plastic in facilities. In the future we see countless global employee awareness and engagement events, educating our people on the use and targeted reduction of plastics in their operations, the idea of the circular economy and the role of environmental, social and governance considerations in supply chains.
Needless to say, the road ahead of us is still much longer than the one already traveled if we hope to effect real plastic waste reduction. Looking at the scale of the problem we need to accelerate the innovation and the scaling thereof in a rapid manner. As a company, we’re committed to this work, to reaching our own goals and facilitating innovation and systemic solutions across markets in partnership with both private and public partners at every point in the plastics value chain.
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