Global Plastic Waste Expected to Triple by 2060 – Experts call for standardized plastic accountability to combat pollution
Summary
Plastic production has surged dramatically over the past two decades, doubling to 460 million tons between 2000 and 2019. This number is projected to grow to 1,200 million tons by 2060, with plastic waste set to nearly triple from 353 million tons in 2019 to 1,014 million tons by 2060. Alarmingly, 75% of all plastic produced since 1950 has become waste, according to the UN, contributing to a mounting global pollution crisis.
Key points
Experts emphasize the urgent need for standardized “plastics accounting” to help companies accurately track, reduce, and manage their plastic usage and waste. This system would enable businesses to define baseline metrics for plastic production, align reduction strategies, and provide consistent data across industries for peer benchmarking. Just as greenhouse gas (GHG) accounting has driven corporate action on climate change, plastics accounting could play a crucial role in curbing plastic waste.
Despite the growing concern, there are no universal frameworks for plastics disclosure, making it challenging for companies to track and report their plastic waste. Various organizations and standards have been introduced, such as CDP’s plastics disclosure module and GRI’s waste standards, but the lack of harmonized metrics across industries remains a key barrier to progress.
The UN’s ongoing negotiations for a global plastics treaty, set to address the entire lifecycle of plastics, could be a game-changer. If finalized, this treaty could mandate plastics accounting, driving companies to adopt consistent metrics, improve transparency, and develop robust plastic waste management strategies. Policymakers are urged to prioritize the creation of international standards, mandate plastic waste disclosure, and incentivize corporate compliance through tax breaks and credits.
Businesses that proactively adopt plastics accounting stand to benefit from increased consumer loyalty, improved investor relations, and long-term resilience. As consumers shift towards more sustainable choices, companies demonstrating genuine efforts to reduce plastic waste can gain a competitive edge. In addition, regulatory incentives and investor interest in sustainability are likely to open new financial opportunities for those committed to tackling the plastic waste crisis.
Current state of plastics disclosure
Currently, there are no uniform plastics disclosure metrics enforced by any industry or country. With the lack of national and international standardization, most companies that attempt to measure or reduce plastic waste have developed individualized methods. This makes it difficult to track initiatives on an industry or national level, to encourage companies to adopt a specified framework, and to hold accountable those who pollute the most. However, several initiatives to measure and disclose plastics are being promoted by non-governmental organizations (NGOs) and inter-governmental organizations (IGOs). Some of the existing initiatives on plastics disclosure include:
- CDP’s pilot plastics disclosure module launched in 2023 (through CDP’s Water Security Questionnaire)3
- Standards including the Global Reporting Initiative (GRI) 3064 on Waste (2020) and GRI 301 on Materials (2016)5
- Guidelines such as 3R Guidelines for Corporate Plastics Stewardship (2021)6
- Methodologies for plastics footprint measurement including the Plastic Leak Project (2020)7
- Tools for calculating plastics in a company’s product such as the Materiality Circularity Indicator (2019)8
The common key performance indicators (KPIs) associated with plastic reduction adopted by independent businesses include:
- Use of recycled or renewable material in at least 50% of plastic used across products
- Elimination of plastic from packaging
- Making packaging 100% recyclable
- Phase-out of single-use plastics
- Virgin plastic use reduction across operations
Without harmonized standards or frameworks, these KPIs are not adequate to effectively manage plastic waste and enable plastics disclosure and management across industries. Addressing this gap in harmonization is a key barrier to reducing plastic waste and pollution.
Authors
- Mark Weick Managing Director, Climate Change and Sustainability Services, Ernst & Young LLP
- Nicole Ray Senior Manager, CCaSS, Assurance, Ernst & Young LLP
Source: Ernst & Young, November 7, 2023
