The world generates about 400 million tonnes of plastic waste annually, with only 9 percent recycled. The United Nations has been attempting to develop a global treaty since 2022, facing persistent challenges due to resistance from petrostates, which depend on oil for plastic production. In Switzerland, negotiations continue with hopes of addressing plastic pollution, but significant changes may take years. In the interim, plastic offsetting has emerged as a potential solution, allowing major polluters to pay for the collection and recycling of plastic similar to carbon credits for greenhouse gas emissions.
Plastic credits offer a way for companies to mitigate their plastic pollution by paying to collect and re-purpose plastic, much like carbon credits do for greenhouse gas emissions.
The core issue hindering the UN treaty on plastic is resistance from petrostates heavily reliant on oil production, which serves as the fundamental material for plastics.
Despite efforts to negotiate a global treaty to combat plastic waste, substantial reductions in plastic production and meaningful outcomes may take years to materialize.
Predictions indicate that global emissions from plastic production could triple by 2050, highlighting the urgent need for effective solutions to tackle plastic pollution.
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