The plastic conundrum
According to the Science History Institute, the first synthetic polymer was invented in 1869 by John Wesley Hyatt, who was inspired by a New York firm’s offer of $10,000 for anyone who could provide a substitute for ivory.
The 1869 invention of celluloid by John Wesley Hyatt revolutionized human manufacturing, allowing for the creation of new materials that were not limited by nature's supply of resources like wood, metal, stone, bone, ivory and horn. This development helped protect elephants and tortoises, while also making wealth more accessible and freeing people from scarcity-driven constraints. However, 157 years later, we find ourselves struggling with the environmental impact of plastics and the depletion of natural resources.
In the Philippines, the Extended Producer Responsibility (EPR) Act of 2022 aims to address these issues by mandating a legal recovery obligation on large companies that produce plastic packaging. This law, which amends the Ecological Solid Waste Management Act of 2000, sets escalating recovery targets for the years 2023 to 2028, ultimately requiring 80% recovery by 2028.
The EPR Law shifts waste management burdens from local governments to producers and obliges obliged enterprises (OEs) and micro, small and medium enterprises (MSMEs) to participate individually, collectively, or through a Producer Responsibility Organization (PRO).
Plastic Bank, a social enterprise that utilizes fintech, plays a significant role in this effort by turning plastic waste into currency through blockchain-secured digital tokens. Plastic Bank operates in developing countries, collaborating with and incentivizing local informal sectors to collect plastic waste and trade it into cash.
Over 2,000 Filipino obliged enterprises have registered their EPR programs with the Department of Environment and Natural Resources (DENR), but only a fraction of this number actively participate in the program.
However, despite the existence of EPR programs, challenges persist in terms of funding, infrastructure, project scalability, market uncertainty, coordination gaps, and low investment confidence. The Marine Plastics Resource Mobilization, ASEAN Secretariat, and Taguig City Environment and Natural Resources Office have identified these systemic barriers as major obstacles to scaling up and financing the plastic recovery system.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
