While the coronavirus-induced collapse in oil demand might be good news for the climate as greenhouse gas emissions ease, it is not good news for the nascent circular economy in a ubiquitous material made from oil: plastic. The price of plastic is closely linked to the price of oil, and since the price of plastic has fallen in line with the oil price, the price of recycled plastic is now much higher than virgin plastic, squeezing demand for post-consumer polymers.
The economic pinch from the covid-19 pandemic has led to recycling plant closures all over the world as demand for recycled material has fallen, Dr Steve Wong, chief executive of Fukutomi Recycling and chairman of China Scrap Plastics Association told Eco-Business.
Unilever, one of the world’s largest packaged goods firms, told Eco-Business that its commitments “remain unchanged”, and the company has “robust plans” to meet its target of increasing the use of recycled plastic in its products to at least 25 per cent by 2025. The company estimates that just 5 per cent of its 2019 plastic footprint was recycled plastic.
Source: Eco Business
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