Plastics and consumer goods companies from across the world have formed an alliance to plough $1bn (£777.6m), into combatting plastics waste.
The Alliance to End Plastic Waste (AEPW) hopes in time to increase this investment to $1.5bn.
It so far has 28 members (see list) who have committed the $1bn over five years to develop methods to minimise and manage plastic waste, and promote solutions for used plastics through a circular economy.
AEPW chair David Taylor, president and chief executive of Procter & Gamble, said: “Everyone agrees that plastic waste does not belong in our oceans or anywhere in the environment. This is a complex and serious global challenge that calls for swift action and strong leadership.
”This new alliance is the most comprehensive effort to date to end plastic waste in the environment. I urge all companies, big and small and from all regions and sectors, to join us.”
The AEPW has been set up as a not-for-profit organisation that includes companies that make, use, sell, process, collect and recycle plastics.
Initial projects include partnering with cities to design integrated waste management systems where infrastructure is lacking, especially those along rivers which transport large amounts of unmanaged plastic waste to the ocean.
It will also fund the development and promotion of technologies and business models that prevent ocean plastic waste and improve waste management and recycling, with an initial focus on south-east Asia.
The AEPW will promote a global information project to support waste management projects with reliable data collection and methodologies, and create a capacity-building collaboration with intergovernmental organisations such as the United Nations to train officials and community leaders.
It will support Renew Oceans, a programme designed to capture plastic waste before it reaches the ocean from the 10 major rivers most affected by the material.
Veolia chief executive Antoine Frérot, an AEPW vice-chair, said: “Success will require collaboration and co-ordinated efforts across many sectors – some that create near-term progress and others that require major investments with longer timelines.
“Addressing plastic waste in the environment and developing a circular economy of plastics requires the participation of everyone across the entire value chain and the long term commitment of businesses, governments and communities. No one country, company or community can solve this on their own.”
Chevron Phillips Chemical Company
Formosa Plastics Corporation USA
Mitsubishi Chemical Holdings
Procter & Gamble