Financing plastic circularity in Asia and the Pacific

Driven by many social and economic factors, the excessive production and consumption of plastic, especially single-use products such as plastic bags, bottles, wrappers, takeaway containers, and cutlery, have overwhelmed existing waste management infrastructure, leading to waste mismanagement.4 Eight out of 10 rivers that transport approximately 95% of the global volume of plastics into the ocean are located in Asia and the Pacific, specifically the Amur, Ganges, Hai, Indus, Mekong, Pearl, Yangtze, and Yellow rivers.5 Plastic pollution poses a serious threat to marine ecosystems, impacting the tourism and fishing industries and community livelihoods. To address this plastic pollution challenge, the plastic value chain needs to adopt sustainable consumption and production (Goal 12 of the United Nations Sustainable Development Goals), which can be achieved through circularity. This circular economy approach aims to keep products and packaging in use for as long as possible to prevent plastics from becoming waste or significantly extend their lifespan before they become waste.6 The circularity concept aims to address the source of the plastic pollution problem in the long term by changing the way plastic is produced and used. Plastic waste management should follow the waste hierarchy, starting with plastic waste prevention and then preparing for reuse, recycling, recovery, and disposal. Significant investments are needed in circularity capacity, including reduction, reuse, and refill solutions; waste sorting and recycling; and improved treatment to avoid mismanaged waste and close leakage pathways, especially in low- and middle-income countries. Although Asia is the global hotspot for plastic pollution, the region only accounted for 8% ($12 billion) of plastic circularity investments. North America and Europe, however, accounted for 90% of all investments ($142 billion) because these economies offer a stable investment and supportive policy environment.

source :

https://www.adb.org/publications/financing-plastic-circularity-asia-pacific