PlasticsEurope announces a significant increase in planned chemical recycling investment: from 2.6 billion Euros in 2025 to 7.2 billion Euros in 2030. To further accelerate investments in this key technology and the transition towards a circular economy, PlasticsEurope calls for a harmonised and strong policy and regulatory framework.
Chemical recycling allows us to recycle plastic waste which is otherwise incinerated or sent to landfill. It delivers significant quantities of recycled material with virgin plastic properties. It is complementary to mechanical recycling and has a huge potential for creating quality jobs and contributing to a climate neutral and competitive Circular Economy in Europe.
It is estimated that by 2050 nearly 60% of global plastics production could be based on reuse and recycling . PlasticsEurope members are already investing billions of Euros and teaming up with innovative value chain partners to ramp up chemical recycling and other leading-edge technology solutions. Our member companies are planning to increase their investment in chemical recycling to produce 1.2Mt in 2025 and 3.4 Mt in 2030 of recycled plastics.
Scaling-up this technology, and delivering broader systemic change requires a tool kit that includes many solutions – diversification of feedstock, new infrastructure, business models, new materials, waste prevention and eco-design, amongst others. From an industry perspective, it is also vital that policy-makers create a policy and regulatory framework that provides certainty and incentivises further investment.
Working with public and private partners via alliances at local, national and global level to encourage appropriate recycling, reuse and recovery of plastic waste pollution is key. With a projected contribution of 1,2 Mt of recycled plastics produced through chemical recycling by 2025, PlasticsEurope plays a leading role in delivering on the European Commission’s Circular Plastics Alliance target of 10 Mt recycled plastics used in European products by 2025.
1McKinsey – How plastics waste recycling could transform the chemical industry
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