Welcome to the Plastics Weekly, NEO’s regular news monitoring of the plastics industry.
Every Monday, we publish a roundup of the top developments in plastics and sustainability – from regulatory changes to company news.
This week’s highlights:
- China is to boost its plastic recycling and incineration capabilities, promote “green” plastic products and take action against the overuse of plastic in packaging and agriculture, it said in a 2021-2025 “five-year plan” published on Wednesday. The National Development and Reform Commission (NDRC), the top state planning agency, said in a notice that China needed to improve “the entire chain of plastic pollution control”, which it described as a “worldwide problem”. (Reuters)
- Global demand for fossil fuels such as gasoline and diesel could peak as early as in 2032 as the energy transition gathers pace, but dramatically lower oil consumption may still be a couple of decades away. It won’t be before 2043 that the burning of refined products derived from crude falls below levels seen in 2019, according to IHS Markit Ltd. The London-based consulting firm joins a growing list of energy forecasters calling for peak fossil fuel demand over the next decade as developed nations including the U.S. boost efforts to decarbonize their economies amid increased concerns about climate change. (Bloomberg)
- As part of a new initiative called “pep+”, PepsiCo said on Wednesday it was aiming to reduce virgin plastic use per serving by half across all brands by 2030 and use 50% recycled content in all its plastic packaging. PepsiCo has set targets to make 100% of its packaging recyclable, compostable or degradable by 2025. (Reuters)