Canada is committed to a life-cycle approach in eliminating plastic pollution—from production to end of life. Our national circular plastics economy, however, still needs work. True circularity means putting together more pieces of the puzzle.
- Investment: Canada’s tiers of government need to collaborate to de-risk the plastic recycling industry. Without de-risking policies and regulations, it will be hard to secure private sector investments.
- Sustainable Finance: Aligning private and public capital with ESG metrics is a challenge. Circular ESG investment incentives for Canadian plastic producers could improve the industry and increase competitiveness.
- Innovation: Today’s recycling technologies will fall short in delivering a circular plastics economy. Developing industry-specific research, development, and demonstration programs is a must for chemical recycling innovation.
- Policies: In Canada, 55 per cent of plastic waste is produced by businesses and institutions. The majority aren’t obligated to recycle. Efforts to drive our 9 per cent plastic recycling rate in the right direction will be futile without businesses and institutions on board.
- Business Models: There needs to be a wider ranging look at and adoption of circular business models in Canada. It’s true, that one size does not fit all.