The global population produces nearly 800 billion pounds of plastic each year, most of which come from single-use plastics. A new report from the Plastic Waste Makers Index shows that more than half of the world’s single-use plastics are produced by 20 companies. When it comes to product production, these manufacturers still use linear models-which means that in the best case, petroleum-based products are manufactured, used, and then immediately discarded in landfills.

The World Economic Forum pointed out that 56% of plastic waste is still in landfills and the rest is incinerated. The global plastic recycling rate is still very low, only 14-18%. Although recycling has been repeatedly touted as a solution to this problem, the cruel reality is that it is only a temporary solution. In order to correctly solve the single-use plastic problem, manufacturers, waste management companies and even consumers must work together to create a true circular economy.

Through the efficient design of materials, the creation of product types, and new attitudes to business models, we can create a circular economy that allows for the recovery and regeneration of the life cycle of materials. The recycling model shifts to the use of renewable energy, while eliminating the use of toxic chemicals, and replacing the end-of-life concept with the ultimate goal of restoring and eliminating plastic waste.

Develop common standards and accurate data reports
The World Economic Forum recently explained that there are currently no universal standards for manufacturers in terms of product production, labeling and reporting data. This means that there are almost no guidelines for product manufacturing, traceability, and additives used in the production process, which can lead to the inclusion of many harmful or toxic but not illegal chemicals in the material.
This lack of transparency has led to a lack of trust among investors and other partners, forcing manufacturers to purchase single-use plastics or "virgin" plastics when manufacturing or purchasing materials. Manufacturers also choose single-use plastics because of the slow progress in the regulatory approval process for the use of recycled products. Disposable plastic materials are also more reliable and faster in international trade.

Although some manufacturing and production standardization work is currently underway, if a cyclic life cycle is to be successful, the private sector must unite and develop global standards for sustainable materials and products.

All players need to change behavior
Last year, SYSTEMIQ released a report stating that both manufacturers and waste management companies need to take action to develop a sustainable circular economy. There is no single solution to the plastic waste crisis, and changes in consumer behavior are needed to force the private sector to solve this problem. The upstream companies responsible for material design, production and distribution are not the only companies responsible for creating a sustainable future. Although they are essential for the development of sustainable products, they also require downstream solutions to properly dispose of and recycle commodities. If the manufacturer is creating a sustainable product and the waste management company does not recycle the product correctly, the circular economy will not be realized.

Investment shift
In addition, according to the SYSTEMIQ report, between 2021 and 2040, the present value of investment in the global plastics industry for the production of more petroleum-based plastics can be reduced from US$2.5 trillion to US$1.2 trillion. However, this is only feasible when the investment is shifting from the production of virgin plastic to the production of new modes of transportation, plastic substitutes, recycling facilities, and collection infrastructure.
Due to the risks of investing in sustainable manufacturers and waste treatment companies, investors are currently slow to move towards sustainable products. One way to incentivize investors is to create scalable solutions that everyone in the value chain can follow, including solutions for collection, processing, and recycling plants. The only way for manufacturers and waste management companies to deploy a circular economy is to have the financial means to achieve a sustainable value chain.

Although some companies are already trying to create a circular life cycle, the only way we can truly achieve a sustainable future is through the joint efforts of manufacturers, consumers and waste management companies. By setting industry standards, every company is practicing sustainable measures to conduct business, and developing scalable solutions throughout the value chain, society can solve and strive to eliminate the problem of plastic waste.
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