These 7 global plastics pointers are useful in understanding our global plastics problem. Who makes it, pays for it, bank rolls it, wastes it and pollutes with it. The most striking thing about the list is the concentration of each factor within a few hands and in concert, where the fix focus can easily be placed.
A handful of companies make “virgin” polymers from oil, gas and coal feedstocks. Minderoo's Plastic Waste Maker's Index reports that of approximately 300 polymer producers operating globally, a small fraction hold the fate of the world’s plastics crisis in their hands. Their choice to continue to produce virgin polymers, rather than recycled polymers, has massive repercussions on how much waste is collected, is managed and leaks into the environment.
In 2019, just 20 polymer producers accounted for more than half of all single-use plastic waste generated globally – and the top 100 accounted for 90 per cent. ExxonMobil and Dow – both based in the USA – top the list, followed by China-based Sinopec, with these three companies together accounting for 16 percent of global single-use plastic waste.
Minderoo also report that 20 institutional asset managers – led by US companies Vanguard Group, BlackRock and Capital Group – hold over US$300 billion worth of shares in the parent companies of these polymer producers, of which an estimated US$10 billion comes from the production of virgin polymers for single-use plastics. (Given Blackrock's open climate stance on fossil fuels, this is disappointing.)
An estimated 30 per cent of the sector, by value, is state-owned, with Saudi Arabia, China, and the United Arab Emirates the top three.
Twenty of the world’s largest banks, including Barclays, HSBC and Bank of America, are estimated to have lent almost US$30 billion for the production of these polymers since 2011. Plastic production is funded by leading banks: Barclays ($3,1b), HSBC ($3.1b), Bank of America ($2,9b), Citigroup ($2,8b) and JPMorgan Chase ($2,7b).
The top countries are of course where the factories are: China and the USA, followed by India and Japan.
Minderoo found that the highest rate of single-use plastic waste on average was in Australia followed by the USA with more than 50kg per year. Ironically, China, the largest producer of single-use plastic by volume produces only 18 kg of single-use plastic waste per year and India only 4 kg.
Image: Tan Zi Xi exhibition / Charts: Our World in Data / Minderoo Foundation - KPMG (With the exception of World in Data info on ocean plastics, all other data and information is from the Minderoo Plastic Waste Makers Index.