The surge by the world’s largest petrochemical and oil companies into plastic recycling as an industry “plan B” is in question, after a historic UN agreement to negotiate a legally binding treaty to tackle plastic pollution.
Despite extensive lobbying efforts to narrow the proposal to deal with plastic waste management, the treaty signed by 175 countries could place equal onus on plastic makers to limit their production.
By 2050, petrochemical production will account for nearly half of growth in global oil demand, according to estimates by the International Energy Agency.
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