How major oil firms will try to block the world’s first plastic pollution treaty - Thred Website
Global leaders are meeting this week to secure the world’s first global plastic pollution treaty, but big oil companies have major stakes in continuing to produce virgin plastics. There’s sure to be major pushback.
The fossil fuel industry is starting to lose its monopoly on the global energy sector.
Renewables are being embraced worldwide, electric vehicles are becoming cheaper, and innovation aimed at storing green power continues to find success. Knowing this, fossil fuel giants have resorted to Plan B: producing more virgin plastics to stay afloat.
With major companies investing upward of £300bn to increase their production, plastic is projected to become the sole driver of oil demand growth in the coming years.
That is unless global legal frameworks on the production of plastic are put in place to stop them. Luckily, that’s exactly what the UN Environment Assembly is aiming to achieve this week with its Global Plastic Pollution treaty.