While great strides have been made in the recycling space, a circular economy is the way forward for sustainable development. A circular economy focuses on preventing waste and pollution from being created in the first place, whereas recycling, which begins at the end of a product’s lifecycle, is the process of converting product waste into reusable material.
Over 90 percent of plastic doesn’t actually get recycled as per National Geographic. The resulting waste – including plastics, textiles, food, electronics, and more – is taking its toll on the environment and human health.
For far too long, society has been fixated on recycling alone, diverting our attention from our culture of overconsumption and instead, giving people the greenlight to increasingly consume more under the assumption that it can be recycled. This could not be further from the truth. In fact, overconsumption has only exacerbated our waste problems.
I urge us all to make a conscious effort to make positive choices that are better for the planet. We can no longer solely concentrate on recycling to mitigate the amount of waste produced, we need to adopt a holisitic mindset and move up the waste hierarchy to build a circular economy.
A circular economy endeavours to avoid the recycling stage by nipping it in the bud – preventing the creation of waste. With only 8.6 percent of the world adopting a circular economy, the World Economic Forum projects a huge market opportunity for its adoption upwards of $4.5 trillion by 2030.
PepsiCo shares concern over the growing threat that packaging waste poses. As one of the world’s leading food and beverage companies, we recognise the significant role we as corporations can – and must – play. It’s crucial that more companies explore a multifaceted approach to tackle this global issue.
Corporations can help reduce or eliminate waste using a broad-based approach that focuses on three interconnected strategies: Reduce, Recycle, and Reinvent. The aim is to reduce the number of plastics used and seek alternatives to non-biogradable materials; boost recycling rates, increase recyclability of packaging and increase the use of recycled content in packaging; and reinvent packaging using innovative solutions.
Despite all efforts, brands cannot drive the change needed alone. That’s why it is essential for companies to work closely with the public sector, actively form partnerships, and engage with stakeholders to build a world where packaging never becomes waste.
Public-private partnerships across the world will help set up the right ecosystem to transition towards a circular economy and shape effective policy and regulatory environments. Cross-market collaborations like the New Plastics Economy help create systemic change at a global or national level.
In fact, it is the need of the hour to work with industry peers that share the same waste-free vision in an effort to create solutions that can be implemented at scale. Working with partners, franchisees, suppliers and customers, who have a vital role to play in minimising waste and contributing to a circular economy, is also crucial.
Additionally, we need to invest in adding the right infrastructure in key communities to enable people to effectively sort their waste. Through education and awareness campaigns, communities can learn how to minimise waste and how to recycle effectively by understanding the benefits of recycling and diverting waste from landfills.
Supporting technology-based solutions, to track recycling behaviours and incentivise consumers to sort their waste, is another solution to be considered.
With increased awareness of the issue and a greater collaboration between the private and public sector we can advance towards our goal of a global circular economy. Organisations, especially the packaging industry, need to play a pivotal role in innovating business models and encouraging consumer behavioural shifts.