Page 48 - Plastics News April 2024

INTERNATIONAL NEWS

each plastic credit representing a ton decade can be collateralized into an impact that these projects generate.
of plastic removed from nature and investment today. This can be used to It can help finance recycling projects
a ton of plastic diverted from landfill. fund major capital expansion in capac- that would otherwise be unfinance-
Underlying this financing mechanism ity and infrastructure, support ongo- able. As delegates convene in Ottaw
is a regulatory framework called the ing operational cash requirements and this month. I hope they embrace the
Plastic Waste Reduction Standard, invest in the livelihoods and welfare of Plastic Waste Reduction Bond is a vital
which independently monitors, meas- those who collect waste. tool to support the goals of the Plastic
ures and verifies the environmental This can change the way that plastic Treaty.
impact of the projects. recycling is funded — especially in
The net effect of this financing mecha- emerging nations where the plastic
nism is that a project’s expected en- problem is at its worst — by putting a
vironmental impact over the next value on the environmental and social

Supply Chain Prioritizes Sustainability

The pressure to provide more sus- packaging sector.
tainable options and meet regula- 1. Right-sized, automated packaging.
tory compliance while maintaining
or improving operations, costs, and Packsize International
revenue will only increase this year,
as the European Union’s (EU) Corpo-
rate Sustainability Reporting Directive
takes effect. Additional policies in the
hipping expert identifies three US will continue to come into play
Scontinuing trends in packaging, as well, such as state-by-state laws
along with a fourth surprising one. penalizing the shipment of wasteful
Last year may well have been a turn- packaging.
ing point in environmental sustain- Companies are looking to genuinely
ability across our country on both solve the negative environmental The increased recycled content in
the consumer and corporate levels. impacts of shipping and packaging corrugated packaging is laudable and
The Inflation Reduction Act (IRA) was to help meet Environmental, Social important to reduce an operation’s
instituted with many provisions to and Governance (ESG) initiatives for overall carbon footprint. However,
support the transition to sustainable themselves, their partners, and their some companies have lagged on re-
energy, and, according to an August customers. This must be balanced ducing packaging size, whether due to
2023 McKinsey & Co. Report, con- with determining the next best steps a lack of technical capability or a lack
sumer awareness and concern about to retain consumer loyalty while im- of understanding about the impor-
packaging sustainability continues to proving operations and reducing car- tance of reducing landfills and effec-
grow. bon emissions. tively communicating to consumers
The biggest ecommerce companies, Based on my experience in the in- that recycling and waste reduction is
such as Amazon and big box retailers, dustry, I recommend looking to the a priority.
have worked hard to demonstrate consumer to inform the sustainability All the marketing in the world about
they’re taking packaging waste and path forward, instead of implementing a manufacturer or retailer taking re-
environmental impact seriously, with new processes and concepts that may sponsibility for environmental stew-
initiatives from ending the use of plas- not work for the individuals opening ardship will dissolve in the face of a
tic padded mailers to experimenting that package at the end of its journey. customer opening their package and
with not using boxes in the shipping finding relatively small items in a pre-
process. Here are four primary trends I fore- fabricated, oversized box that is then
see continuing throughout 2024 in the stuffed with plastic packing materials

50 PLASTICS NEWS April 2024