The Alliance to End Plastic Waste and its members have invested at least $400 million of their $1.5 billion commitment in environmental projects since forming early last year, according to their latest progress report.
The alliance, which is funded by large global consumer goods, plastics and waste management firms, said the coronavirus pandemic has slowed the pace of some of its projects to help clean up and build infrastructure to manage plastic waste in the environment, mostly in developing nations.
The report said it has started 14 projects in six countries in Asia and Africa, and its companies and organizations are working on 55 separate member-led projects that include $400 million of investment.
The Singapore-based group also unveiled several new goals for 2025: Unlocking at least $7.5 billion from other investors in waste management and recycling projects, demonstrating what it calls “zero plastic waste” in multiple cities and creating better economic opportunities for more than 100 million people by supporting local ownership of waste management.
“We have to act with urgency as lack of action will result in millions of tons of plastic waste continuing to leak into the ocean if we do nothing today. The progress the Alliance is making in just 18 months is the start of a long road ahead. But we can shorten the road significantly when we act together across industry, governments, civil society and development agencies. The problem is solvable and our strategy is to apply a holistic approach backed by deep technical knowledge and resources from the full plastic value chain,” said Jacob Duer, President and CEO, Alliance to End Plastic Waste.
Duer added, “Our ambition, over five years, is to divert millions of tons of plastic waste in more than 100 at-risk cities across the globe, improve livelihoods for millions and contribute to a circular economy. The Alliance is demonstrating how successful plastic waste management solutions can unlock capital to scale and accelerate the pace.”