Climate change: Petrochemical firms, including Sinopec and PetroChina, fall short on sustainable plastic, research says

Sinopec and PetroChina ranked among the top seven contributors to global single-use plastic production and waste generation in 2021, new report says

‘Only strong regulatory intervention with economic incentives can solve what amounts to market failure,’ says Minderoo Foundation

Reading Time:3 minutes

Plastic bags at a recycling center in Rayong, Thailand on December 14, 2022. Global plastic waste has more than doubled over the past two decades to 353 million metric tons annually, according to the Organisation for Economic Co-operation and Development Photo: Bloomberg

Published: 4:30pm, 10 Feb 2023Updated: 4:33pm, 10 Feb 2023

The global petrochemical industry has failed to expand production of sustainable plastics fast enough to replace those based on fossil fuels, falling short on expected contributions towards limiting greenhouse-gas emissions and ocean pollution, according to research by a non-profit organisation.

An insufficient regulatory push means the top 20 firms – contributing half the global emissions from the consumption of single-use plastics – are on course to raise their capacity for virgin plastics by 3.4 per cent annually between 2021 and 2027, slower than the 3.9 per cent annual increase from 2005 to 2020, said a report by Minderoo Foundation published on Tuesday.

“The top 20 petrochemical companies have collectively shown little progress and have a vested interest in maintaining the regulatory status quo,” wrote Dominic Charles and Laurent Kimman of the foundation, which was founded by Australian mining tycoon and philanthropist Andrew Forrest.

“While public and political awareness of the plastics problem has increased markedly, it has so far failed to translate into meaningful impact on virgin polymer production.”

Single-use plastic cutlery is pictured in a tray at a fast-food outlet west of London on January 14, 2023. Photo: AFP

The world generated 139 million tonnes of single-use plastic waste in 2021, the report estimated, up 6 million tonnes or 4.5 per cent from 2019.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x