The Plastics Industry Association said the Minderoo report failed to acknowledge the positive aspects of plastic, such as its role in allowing food to last longer, and the industry’s investments in improving plastic waste collection around the world.
Who invests in its manufacture?
Some of the most familiar names in finance, including companies that control mutual funds and retirement savings accounts, including Vanguard and BlackRock, according to the analysis. And the production is financed by the world’s biggest banks, including Barclays and JPMorgan Chase.
Governments are also big stakeholders in this industry. About 40 percent of the largest single-use plastic makers are partly owned by governments, including China and Saudi Arabia.
Who uses it?
There’s a huge disparity between richer and poorer nations.
The average American uses and throws away 110 pounds, or roughly 50 kilograms, of single-use plastic every year. Only Australians currently match American scales of waste.
The average Chinese person uses only about a third as much as an American. The average Indian uses less than one-twelfth, according to the Minderoo report.
What is being done?
In a statement, Exxon Mobil said it “shares society’s concern about plastic waste and agrees it must be addressed,’’ adding that the company is increasing the efficacy of recycling and supporting improvements in plastic waste recovery.
Many longstanding proposed solutions to the plastic problem are not working.
Only about 8 percent of plastic gets recycled in the United States, and advocacy efforts to persuade consumers to use less plastic have failed to gain traction.