Andrew Forrest launches US$300m war on plastic to tackle ocean pollution – AustraliaPosted on September 30, 2019 by DrRossH in Plastic Waste News
Mining billionaire’s initiative would see manufacturers of virgin plastic pay premium for doing so
He said a voluntary contribution for fossil fuel-based plastics would start at US$200 per tonne and, for the most difficult to recycle plastics, could be up to US$5,000 per tonne.
He believes transitioning to a circular economy that limits the production of single-use plastic and creates an end-use for plastic waste that is currently being discarded into the environment is an opportunity for big businesses.
“If they elevate the price of bad plastic or fossil fuel plastic, then instantly what becomes commercial is all the plastic in the world which is currently known as waste,” Forrest said.
He said such a scheme could also have an impact in reducing the climate footprint of the global plastics industry by decoupling it from fossil fuels.
Forrest’s US$300m commitment consists of $40m in startup capital and $1m per week for 260 weeks for a global body that would independently audit the scheme and funds raised from it.
But he said major producers and users of plastics in the global supply chain such as the Coca-Cola Company, Walmart and Unilever had responded positively to the initiative.
“The protection of our oceans is fundamental to the preservation and flourishing of life on Earth,” Alan Jope, the chief executive of Unilever PLC said.