A group of companies from the plastics and consumer goods value chain have established a new organization, Alliance to End Plastic Waste (AEPW), in a bid to reduce plastic waste in the environment.
The AEPW, which is supported by around 30 member firms, has committed more than $1bn and intends to invest $1.5bn in the coming five years to minimize the impact of plastic waste on the environment with a particular focus on the ocean.
The alliance will engage in the development and scaling of solutions to minimize and manage plastic waste, as well as boost solutions for used plastics to support circular economy.
Global companies from North and South America, Europe, Asia, Southeast Asia, Africa, and the Middle East are the members of the new alliance.
The alliance is a not-for-profit organization, which is supported by chemical and plastic manufacturers, consumer goods companies, retailers, converters, and waste management companies.
BASF, Berry Global, Braskem, Chevron Phillips Chemical, Clariant, Covestro, Dow, DSM, ExxonMobil, Formosa Plastics, Henkel, LyondellBasell, Mitsubishi Chemical, SCG Chemicals, and Sumitomo Chemical are some of the firms supporting the alliance.
The alliance will collaborate with cities to design integrated waste management systems in major urban areas, and will also fund the incubator network through circulate capital to develop and promote technologies, business models and entrepreneurs to minimize prevent ocean plastic waste and enhance waste management and recycling.
It will also work with intergovernmental organizations such as the United Nations to carry out joint workshops and trainings for government officials and community-based leaders to develop locally-relevant solutions in the highest priority areas.
The alliance will focus on infrastructure development to collect and manage waste and increase recycling, and also educates governments, businesses, and communities to take proper actions.
The alliance will initially support the Renew Ganga project, which is also supported by the National Geographic Society.
Procter & Gamble board chairman, president and CEO and AEPW chairman David Taylor 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.”
BASF chairman of the board of executive directors and chief technology officer Martin Brudermüller said: “We are co-founding the Alliance to End Plastic Waste, because we want to drive and promote solutions that will effectively help solve the world’s plastic waste problem.
“Plastics are efficient materials that can save resources and enable health, safety as well as convenience benefits for society. These benefits could be contradicted, if plastics and their waste are neither used nor disposed nor recycled in a responsible manner.”