Twenty Companies Produce Half of World’s Single Use Plastic

Single use plastic is one of the biggest threats to environment. However, still its production is not stopping. A recent report suggests that only twenty companies are producing half of world’s plastic. The list also includes American companies Exxon and Dow, Chinese petrochemical company Shinopec Mobil and Bangkok’s Indorama Ventures.

Oxford University prepared this report in collaboration with Stockholm Environment Institute, an Australian nonprofit organization. Every year, humans produce about 130 million tonnes of single use plastic.

The report also suggests that the production is expected to increase by 30 percent. Not surprisingly, the Developed countries who talk loudly about environmental protection use it more than the poor countries.

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Governments Of Many Countries Involved

Companies involved in finance, mutual funds and retirement savings invest in the plastic industry. The list includes names like Vanguard and Blackrock. Even major banks of the world like Barclay and JP Morgan Chase provide financial assistance to plastic industry. In many countries, the Governments are also responsible. This includes the government of China and Saudi Arabia, where 40 percent of single-use plastics production is in the hands of governments.

What About Recycling?

America recycles only eight percent of plastics. Meanwhile, environmental defense organizations’ appeal to people to use less plastic has not had much effect. The major challenge in the world is that most economies encourage the production of plastics.