Several organisations Wednesday launched a new firm to improve ways to eliminate plastic waste in the environment, especially in the water bodies.
The cross value chain Alliance to End Plastic Waste (AEPW), currently made up of nearly 30 member companies, has committed over USD 1.0 billion with the goal of investing USD 1.5 billion over the next five years to help end plastic waste in the environment, according to a joint statement.
The global companies alliance will develop and bring to scale solutions that will minimise and manage plastic waste and promote solutions for used plastics by helping to enable a circular economy, it 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," said David Taylor, Chairman of the Board, President and CEO of Procter and Gamble, and chairman of the AEPW.
"History has shown us that collective action and partnerships between industry, governments and NGOs can deliver innovative solutions to a global challenge like this," said Bob Patel, CEO of LyondellBasell, and a vice chairman of the AEPW.
"The issue of plastic waste is seen and felt all over the world. It must be addressed and we believe the time for action is now," Patel said.
The alliance is a not-for-profit organisation that includes companies that make, use, sell, process, collect and recycle plastics.
This includes chemical and plastic manufacturers, consumer goods companies, retailers, converters, and waste management companies, also known as the plastics value chain.
The alliance has been working with the World Business Council for Sustainable Development as a founding strategic partner.
It also announced Wednesday an initial set of projects and collaborations that reflect a range of solutions to help end plastic waste.
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