As consumers grow more environmentally conscious and ditch single-use plastics, companies have responded by working to incorporate more recycled materials into their plastic packaging.
Those consumer companies, however, face a “fundamental issue” — a lack of plastic recycling policies in their countries, according to Credit Suisse’s head of environmental, social and governance research for Australia.
“The (fast moving consumer goods companies’) response is really focusing on recycled content — they’ve set targets globally, to achieve at least 30 percent recycled content in all their plastic packaging,” Phineas Glover told CNBC at the Credit Suisse Asian Investment Conference in Hong Kong on Thursday.
Referring to overall plastic waste, he said: “Some of it we just can’t recycle at the moment … Many nations just haven’t developed their own plastic recycling policies.”
Adding to that problem is the ban that China put on waste imports globally.