Plastic Free & Fashion Snoops’ post Plastic Economy research shows that businesses might lose up to US $ 100 billion yearly by 2040 if they ignore the effort to move away from plastic.
A legally binding United Nations Global Plastics Agreement will be in effect by 2025, encompassing the 175 nations that are presently engaged in its discussions.
The majority of fibres used in fashion, more than two-thirds, or 69 per cent are synthetic. Since the early 2000s, more than half of the plastics produced worldwide have been created.
According to the report, “The consequences of this homogenous dependence are far-reaching. Our planet is now polluted with plastic chemicals, microplastics, and plastic waste, while the production of these materials is estimated to consume one-fifth of Earth’s remaining carbon budget shortly.”
“More than 16,000 substances are used in the manufacture of plastics, and of these, more than 4,000 are known to be hazardous to human health. Plastic production is expected to triple by 2060. ”
“These chemicals – including endocrine-disrupting ‘Forever Chemicals’ (PFAS) – have been linked to cancer, heart disease, infertility, and immune suppression. Recycling can exacerbate health effects by concentrating chemicals.”
Recently, Grey Matter Concepts SVP of Production and Sourcing Radhika Srinivas and partner Robert P. Antoshak of the Gherzi Textile Organisation pointed out that 15 per cent of all polyester textiles are still made of recycled polyester, even with the garment industry’s emphasis on sustainability.
As an example, 88 per cent of consumers are willing to pay a 0.4 per cent premium for products manufactured with net-zero emissions, which will capture an average 6 per cent profit uplift after five years. This suggests that actively moving away from plastics is a strategic move to maintain profitability and competitiveness in a changing market. A “new plastics economy” is predicted to save 25–50 per cent on packaging costs, with annual investment expenses projected to rise from US $ 113 billion to US $ 65 billion by 2040.
