Andrew Forrest’s Minderoo Foundation today committed $US300m ($442m) to a new industry focused effort to reduce worldwide plastic waste.
Forrest’s Sea for the Future program is aiming to raise $US20bn a year through a voluntary levy on plastics resin based on its carbon foot print.
Forrest said in a statement “the initiative will attach a greater value to fossil fuel plastics through the contribution”.
It is not payable on recycled plastics, making it a cheaper alternative feedstock.
“This drives demand that dominoes through the value chain and turns plastic waste into a cashable commodity, driving collection efforts, poverty alleviation through dignified work and recycling particularly in South East Asia.
Forrest launched the initiative at the UN climate change conference.
He said “current efforts to stem the increase in global plastic waste are disjointed and inadequate with most of the 350 million plus tonnes of plastic produced every year entering the world’s terrestrial and marine environment”.
“Industry, fully supported by governments and regulators, is the only sector that can drive the urgent global shift needed to save our oceans from plastic waste.”
Forrest is working with plastics producers on the project.
“The global plastics supply chain, including major producers such as Coca Cola, Walmart, Tesco and Unilever, has responded positively to the initiative.”
The aim is to make a material contribution to reducing plastic induced climate change by about 70 per cent by 2050.
Forrest’s Mindaroo has committed to underwrite up to five years in audit fees, or a total cost of $US260m plus $US40m in establishment costs.
The results will be posted in a central data base.
The money raised will support the initiative, while also imposing a global industry market-based scheme.
Forrest said best estimates put the costs to humanity of plastic waste at over $US2.2 trillion a year in environmental and social damage.
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