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.