LONDON, UK, 29th October, 2018
PLASTIC ENERGY SIGNS GLOBAL COMMITMENT TO ERADICATE PLASTIC WASTE
London, Monday, October 29. PLASTIC ENERGY is one of more than 250 organisations that has pledged to eradicate plastic waste and pollution at source with a commitment called ‘A Line in the Sand’.
PLASTIC ENERGY has pioneered the conversion of valueless plastic waste, with patented low carbon footprint technology, into alternative fuels or oil, known as TACOIL, for making new plastics, closing the plastic loop and creating a circular economy.
The New Plastics Economy Global Commitment led by the Ellen MacArthur Foundation, in collaboration with UN Environment, was made at the ‘Our Ocean’ Conference in Bali today.
The main commitment from PLASTIC ENERGY is that by 2025 the company will convert at least 300,000 tonnes of low-grade plastic waste into feedstock for new plastic manufacturing (Plastic2Plastic).
PLASTIC ENERGY will also commit to promote the circular economy in countries that so far would prefer using the output as transportation fuels and contribute to the reduction of plastic pollution in our oceans.
Said Carlos Monreal, PLASTIC ENERGY Founder and CEO: “We are proud to be signing a commitment to start a campaign to rid the oceans and the land of plastic waste and, in our case, to convert plastic back into plastic that can be recycled over and over again. The targets are demanding but necessary if we are going to save the planet from growing plastic pollution.”
The signatories include many of the world’s largest packaging producers, brands, retailers and recyclers, as well as governments and NGOs and companies representing 20% of all plastic packaging produced globally.
More than fifteen financial institutions with in excess of $2.5 trillion in assets under management have also endorsed the Global Commitment and over $200 million has been pledged by five venture capital funds to create a circular economy for plastic.
The Global Commitment aims to create ‘a new normal’ for plastic packaging. Targets will be reviewed every 18 months, and become increasingly ambitious over the coming years.
Businesses that sign the commitment will publish annual data on their progress to help drive momentum and ensure transparency. Targets include:
– Eliminate problematic or unnecessary plastic packaging and move from single-use to reuse packaging models
– Innovate to ensure 100% of plastic packaging can be easily and safely reused, recycled, or composted by 2025
– Circulate the plastic produced, by significantly increasing the amounts of plastics reused or recycled and made into new packaging or products
– Eliminating unnecessary and problematic plastics is an essential part of the Global Commitment vision, and will make it easier to keep remaining plastics in the economy and out of the environment.
Note to Editors
PLASTIC ENERGY is in the forefront of the use and development of new technologies to transform non-recyclable plastic waste into hydrocarbon products and back into plastic. It is leading the way in its field in the transition to a low-carbon circular economy. It is the only company worldwide that has sold millions of litres of oils using patented technology. The company uses chemical recycling to process non-recyclable End of Life Plastics (ELP) from domestic wastes. The end of life plastic recycled by the company includes plastic bags or containers, freezer bags, milk bottles and buckets: such as bin bags and squeeze bottles; drinking straws, tubs food trays, yoghurt containers and vending cups and sachets.
For further information contact:
Cloe Ragot (Bali)
Tel: +44 789 933 5778
Richard Peel (London)
Tel: +44 780 508 3595