METRO signs New Plastics Economy Global Commitment
29 October 2018
The signatories include companies representing 20% of all plastic packaging produced worldwide. These include well-known consumer goods companies, major packaging manufacturers, plastics producers and resource management specialists. The global commitment and its vision of a recycling economy for plastics is also supported by about 40 universities, institutions and academics. More than 15 financial institutions with more than 2.5 billion Dollar in assets under management have also joined the Global Commitment. Over 200 million dollars have been pledged by 5 venture capital funds to help create a circular economy for plastics.
The global commitment aims to create a "new standard" for plastic packaging. The targets are reviewed every 18 months and will become more ambitious in the years to come. Companies that sign the commitment will publish annual data on their progress to increase momentum and ensure transparency.
Objectives include:
- Avoiding critical and/or unnecessary plastic packaging and changing from disposable to reusable packaging models.
- Innovation to ensure that 100% of plastic packaging is easy and quick to handle and can be safely reused, recycled or composted by 2025.
- Produced plastics should be transferred into closed material cycles and the production of such plastics should be increased, which can be reused or recycled and processed into new packaging or products.
The signing of the Ellen MacArthur Foundation's Global Commitment follows the publication of METRO AG's and its subsidiaries' global commitment to reduce their own plastic footprint by 2025. The task is a tremendous challenge, which is why METRO fosters strong partnerships along the entire plastics value chain right from the start. By signing the Ellen MacArthur Foundation’s Global Commitment, METRO underlines its own commitment and belief in the power and necessity of partnership to achieve these goals.
For more information on the Ellen MacArthur Foundation's Global Commitment please visit www.newplasticseconomy.org
