Plastic materials are increasingly used across all sectors of the economy because they present significant benefits over alternative materials. Yet plastic market growth has come at the price of our oceans.
Today, at least 8 million tons of plastics leak into the ocean each year. The natural capital cost of marine plastic pollution is estimated to be at least $4.7 billion per year in the consumer goods industry alone.
Approximately 80% of marine debris – including plastics – comes from land based sources. Business has a key role to play in addressing this global issue. Many leading companies have developed solutions to reduce marine littering. These range from industry-specific innovations to multi-stakeholder partnerships. While many solutions already exist, they are mainly developed by a small number of companies. Most of the business community is not yet involved.