Well-known consumer goods businesses from around the globe have signed The New Plastics Economy Global Commitment in Bali at the Our Ocean Conference.
The initiative, run by the Ellen MacArthur Foundation and UN Environment, received 250 signatures, including from the likes of Danone, L’Oréal, Mars Incorporated, PepsiCo, The Coca-Cola Company, Unilever, Pernod Ricard, and Nestlé.
The new Global Commitment aims to eradicate plastic waste and pollution at the source and to create ‘a new normal’ for plastic packaging by applying the principles of circular economy, where plastics never become waste.
A Line In The Sand
“We know that cleaning up plastics from our beaches and oceans is vital, but this does not stop the tide of plastic entering the oceans each year. We need to move upstream to the source of the flow,” Founder of the Ellen MacArthur Foundation, Dame Ellen MacArthur, said.
“The New Plastics Economy Global Commitment draws a line in the sand, with businesses, governments, and others around the world uniting behind a clear vision for what we need to create a circular economy for plastic. This is just one step on what will be a challenging journey, but one which can lead to huge benefits for society, the economy and the environment.”
The Commitment and its vision have received support and endorsement from other major representative bodies, such as the WWF and The Consumer Goods Forum, a number of universities, institutions, and academics.
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.
"This Global Commitment is a step-change we urgently need in order to move from a linear to a circular economy. We want to act and lead by example. We will do our part to ensure that none of our packaging, including plastics, ends up in the natural environment,” Nestlé CEO Mark Schneider said in a company statement.
Alexandre Ricard, Chairman & Chief Executive Officer of Pernod Ricard added that “for us, the problem surrounding plastics isn’t a new one but it feels that we have now reached a tipping point. To make a plastic-free World possible we have a collective responsibility, and it starts with businesses.”
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.