Most of us feel great about recycling the plastic containers we use on a day to day basis. The belief is that these containers are turned into other useful products, as the cycle of recycling continues. Unfortunately, the reality is that only about 9% of global plastics ever get recycled, with a majority of them ending up in landfills or incinerated. This is according to a recent OECD report that also found that global companies are creating twice as much plastic as they did 20 years ago.
The good news is, there is a growing industry of companies that are making it their mission statement to tackle the global plastic waste crisis. Major multinational corporations like Waste Management (NYSE:WM) and Veolia Environnement SA (OTC:VEOEY) in Europe are taking the plastic recycling process into their own hands. WIth countries around the world banning the import of plastic waste, these corporations have elevated their own plastic recycling infrastructure to accommodate the rise in the supply of domestic plastic waste.
More recently, plastic recycling startup company Novoloop received a $10 million Series A investment extension, bringing their total investments up to $21 million. The company specializes in taking plastic waste and repurposing it as usable products. One of these products is Oistre, a plastic-based compound that is used in anything from athletic gear and running shoes to electronics and even in automobiles.
Clean Vision Corp (OTC:CLNV) is another company that is making waves in polluted international waters. In a recent shareholder update video, CEO Dan Bates revealed that the company’s subsidiary Clean Seas, has secured binding letters of intent to establish a Plastic Conversion Network in Morocco and Sri Lanka. Clean Seas has also entered into a joint venture to establish a pyrolysis plant in Puerto Rico as well.
Clean Vision has also initiated a pilot pyrolysis plant in Hyderabad, India that has recently commenced processing 1.2 tons of plastic waste per day. All of these companies are helping to reduce the effects of plastic waste on our environment in their own ways, but it’s still not enough. Plastic waste in our oceans is one of the leading causes of both climate change and the reduction in marine life species.
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