Since its invention and widespread introduction into the economy some 70 years ago, plastic has become a valuable part of business and daily life. So much so, in fact, that we have created more than 8.3 billion metric tons of it around the world. If we were able to take all of that plastic and turn it into a single grocery bag, it could hold the entire planet. If business continues as usual, 30 years from now projections say we will have produced enough plastic waste to double-bag the Earth.
Why Plastic Waste Is a C-Suite Issue
Reducing waste can drive innovation, cut cost, mitigate risk, and win new customers.
April 21, 2020
Eugene Mymrin/Getty Images
Summary.
Plastic waste is a C-suite issue because plastic is more pervasive across our global economy than just about any other manufactured substance, and the waste from single-use plastic packaging alone represents $100 billion of economic value. That’s value that is thrown away each and every year. The corporation or entrepreneur who finds ways to prevent that waste or recapture that value is looking at a trillion-dollar opportunity.
When one starts to break down the challenge, there are a few clear business benefits that come from plastic waste reduction: driving innovation by creating new products or materials, reducing operational and capital costs, mitigating risks, and winning new customers.