‘Sea the Future’ Initiative Pledges to Eliminate Global Plastic Waste

As per estimates, plastics costs over $2.2 trillion every year in environmental and social damages.

SEATTLE (Scrap Monster): The industry focused initiative, ‘Sea the Future’, has reiterated its commitment to end ocean plastic waste across the globe. The initiative, designed to end global plastic waste, expects to raise more than $20 million every year, which in turn will be used to fund various programs to eliminate plastic waste.

A global environment and industry body with necessary regulatory approvals will manage the funds collected by the initiative. The funds thus raised will be invested in state-of-the-art recycling technologies and infrastructure facilities. A rigorous governance system will be established to carry out an independent audit and certification of the new system, so as to ensure a completely regulated and transparent market for participants.

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Meantime, Australia-based Minderoo Foundation has committed $300 million to the new industry initiative. It will underwrite up to five years of audit fees for a total cost of $260 million. In addition, it plans to underwrite $40 million in establishment costs. The organization is currently working with companies throughout the entire supply chain to finalize the program. The initiative promises to deliver significant shift for industry, said Bryant Plavsic, head of plastic at Minderoo.

The initiative has already received positive response from the global plastics supply chain. Various governments and NGOs including Ellen MacArthur Foundation and Conservation International too have expressed support for the initiative.

As per estimates, plastics costs over $2.2 trillion every year in environmental and social damages.

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