WEF Report Analyzes Steps to Boost Circular Plastics Economy

SEATTLE (Scrap Monster): The World Economic Forum (WEF) announced publication of a note that analyzes opportunities to drive circular economy for plastics. It urges experts to identify intelligent trade solutions to tackle cross-border challenges in the path towards circular plastics economy.

The WEF note stated that over 400 million tonnes of plastics are generated across the world every year, much of which is not managed properly, thus leading to environmental damages. As per estimates, only 14-18% of the plastic waste is formally recycled. The plastic scrap from developed countries is often exported to other countries.

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The cross-border challenges comprise of regulations and bans on plastic waste trade, non-uniformity in standards pertaining to treatment of plastic waste, investments and processes. The different labelling standards practised in various countries often lead to financial burden on recyclers, by forcing them to create different recycled plastic grades. Meantime, the new Basel Convention principle, which goes into effect in 2021, is expected to regulate plastic waste trade through borders.

The note titled “Plastics, the Circular Economy and Global Trade” observed that the consumption of single-use plastics towards manufacture of personal protective equipment (PPE) has surged higher significantly during the pandemic period. It emphasized on the need for long-term actions to tackle plastic pollution.