In what is being billed as the largest-ever effort of its kind, 28 companies have formed the Alliance to End Plastic Waste, which plans to invest up to $1.5 billion over the next five years on projects to keep plastic trash out of the ocean.
The alliance includes some of the world’s largest chemical companies, including BASF, Dow Chemical, and LyondellBasell Industries, as well as consumer product giants like Procter & Gamble and Henkel. But critics say the industry should have acted on plastic waste sooner and that this effort by itself won’t solve the problem.
The initiative launched with a sleek video presentation viewed on the web by more than 500,000 people its first day. It featured British television presenter Hannah Vaughan Jones in a roundtable discussion with CEOs such as Dow’s Jim Fitterling, P&G’s David S. Taylor, and LyondellBasell’s Bob Patel.
“I think everyone agrees that plastic waste does not belong in the ocean or the environment, and this demands swift action and leadership from all of us,” Taylor said.