For these billions of euros of investment by European plastics producers, their pan-European organization PlasticsEurope is calling for a harmonized and clear policy regulatory framework to help accelerate investment and the transition to a circular economy. This would be the only way to recycle many plastics that are currently incinerated or landfilled in Europe. Chemical processes complemented mechanical recycling and created many high-quality jobs. According to estimates, nearly 60 percent of global plastics production could be based on reuse and recycling by 2050, says PlasticsEurope, citing the McKinsey study "How plastics waste recycling could transform the chemical industry". PasticsEurope member companies planned to invest billions more, beyond the billions already invested in developing chemical recycling, to recover 1.2 million metric tons of recycled plastics by 2025 and 3.4 million metric tons by 2030 using such processes. According to Dr. Markus Steilemann (photo), president of PlasticsEurope and CEO of Covestro, the increased investment demonstrates the industry's determination to tackle the problem of plastic waste and supports the climate and sustainability goals of the European Union's Green Deal. "However, this is just the beginning and significant funding is still needed to fully realize the value of this technology," Steilemann said.

Sources:

• PlasticsEurope (26.5.2021)
• PlasticsEurope Germany (27.5.2021)
• Photo: © Covestro