Updated: Mar 4, 2019
By Robin Hicks, eco-business.com
Plastic producers and users including Shell, ExxonMobil, LyondellBasell, Chevron and P&G are investing US$1.5 billion over the next five years to fight plastic waste, with a focus on Southeast Asia. The alliance claims this is the most comprehensive effort yet to end plastic waste.
A coalition of the world’s biggest plastic producers and users has set up a new US$1.5 billion fund to improve waste collection and recycling in developing countries.
The fund will focus its spending in Southeast Asia, where waste collection systems are lacking and leakage of plastic into waterways is the most severe.
The Alliance to End Plastic Waste is made up of 30 companies including Shell, ExxonMobil, Dow, and Procter & Gamble, along with investment management firm Circulate Capital and New York consultancy SecondMuse. The alliance will invest the fund on waste collection and recycling projects over the next five years.
The alliance includes a programme to help design waste management systems in cities where infrastructure is lacking, and create an information hub to support waste management projects globally.