The global plastic industry’s long-standing narrative of recycling as the panacea for plastic pollution is debunked in a new report by Planet Tracker, the London-based non-profit think tank focused on sustainable finance.

It sheds light on the deceptive practices the industry employs and urges stakeholders to re-evaluate their approach to plastic waste management.

The report further reveals a stark reality – globally, 91% of plastic is still not recycled.

The plastic industry’s use of resin identification codes (RICs) – often mistaken for recycling symbols – has further misled policymakers, regulators and consumers into believing in the circularity of plastic, the report claims.

By promoting the illusion of recyclability, the industry, which as well as hard plastics produces, for example, the resins employed in the manufacture of spunmelt nonwoven fabrics,  has effectively passed the financial burden of waste treatment on to local municipalities and waste-pickers –  often the financially weakest link in the plastic supply chain.

As the world grapples with escalating plastic pollution, Planet Tracker is urging investors and policymakers to look beyond recycling as a singular solution. Investors can sign the Planet Tracker Investor Statement on the role of petrochemical companies in resolving plastic pollution and engage with the industry towards the transition to production of safe, environmentally sound and sustainable plastic.

The report can be read in full here.

www.planettracker.org