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New Plastic Recycling Rules in Australia

New Plastic Recycling Rules in Australia

The Background to the Decision

Since industrialization, humans have had a remarkable capacity to alter and change our environment on a large scale.

To facilitate the growth of industry, we have allowed companies and other organizations to pollute the environment indiscriminately with no regard for the people, creatures, and nature that have been impacted.

In most regards, we think of pollution as the toxic air spewed from industrial plants into our atmosphere. While that is a problem, make no mistake about it, there are other problems that rapid industrialization has had on our world.

One of those is plastic pollution, the byproduct of cheap disposable products wrapped in material that the environment cannot break down easily.

While some moves by industry have seen eco-friendly plastics being used in mass production, these examples are few and far between, to the dismay of eco-friendly citizens worldwide.

In some countries, though, that appears to be shifting. Recently a coalition of governments has pushed through legislation for new plastic recycling rules in Australia, forcing companies to take serious measures to curb their output of non-biodegradable plastic products.

How do the new Plastic Recycling Rules in Australia work?

The decision to impose new plastic recycling rules in Australia was made at the first meeting of federal and state environmental ministers in Sydney on Friday, June 9th. Tanya Plibersek, the federal environment minister, said that the “historic agreement” meant packaging would be “subject to strict new government rules.”

The new rules include the following:

  • A ban on single-use plastic bags.
  • A ban on selling disposable coffee cups made from expanded polystyrene (EPS).
  • A requirement for all plastic packaging to be recyclable or compostable by 2025.
  • A requirement for all plastic packaging to be labelled with clear information about its recyclability.

According to a communique released after the agreement, the new plastic recycling rules in Australia would shift the country towards a more circular economy, with the rules addressing three specific areas: packaging design, outlawing harmful chemicals and plastics, and harmonizing curbside plastic recycling.

These decisions were made in the backdrop of the goals Australia has set in regard to plastic recycling. The Australian government has said that the new rules will cost the economy $1.1 billion over the next ten years, but the benefits of reducing plastic waste outweigh the costs.

As per the voluntary model that Australia has right now, only 18% of plastic is recycled in the country, far short of the 70% goal by 2025 that it has set.

Many have come out supporting this move; the Boomerang Alliance, a coalition of 55 environment groups, stated that this was the first “substantial and meaningful step” to address plastic waste in over 20 years.

It’s not just environmentalists that are lauding this decision, as major companies such as Nestlé, Coca-Cola, and Unilever have all come out in support.

 

For the People, by the People.

Serious change needs to be made in order to address the problem of plastic waste pollution worldwide. While it would be nice to believe that companies would willingly make the decision to cut back and recycle on their own, the reality is that it isn’t in their best interest to do so.

These programs cost money, and the incentive for shareholders is to increase profits no matter what. Government regulations will force these companies to accept the new way of doing things as simply a cost of doing business, thus ensuring that the people’s best interest is upheld as a primary objective.

Ultimately, this is what governments are for, and hopefully, with the example of these new plastic recycling rules in Australia, this action will spur other governments in other countries to make similar decisions.

 

 


 

 

Source  Happy Eco News

Philippines’ BDO Unibank first blue bond gets US$100 million investment from IFC

Philippines’ BDO Unibank first blue bond gets US$100 million investment from IFC

The International Finance Corporation (IFC), the private investment arm of the World Bank Group, is pouring US$100 million into BDO Unibank Inc’s blue bond, which aims to finance projects that will help tackle marine pollution in the Philippines.

The country is considered the third largest global contributor of ocean plastic, with an estimated 0.75 million metric tonnes of mismanaged waste entering the ocean every year, according to a World Bank study published in 2021.

The coastal blue economy is critical to the Philippines but is threatened by pollution, unsustainable fishing, rapid urbanisation, and the impact of climate change such as typhoons that drag tonnes of rubbish into seaside areas.

BDO Unibank Inc’s blue bond, the first of its kind in the country and a first for IFC in the East Asia Pacific region, is slated to raise money for projects such as water conservation, wastewater treatment, plastic recycling, sustainable tourism, fisheries, and sustainable seafood processing, the global development institution said in a statement on Friday.

“A blue bond instrument will be key to the nation’s growth trajectory. By supporting the first blue bond issuance in the country, IFC continues its tradition of supporting the development of capital markets through issuances of thematic bonds and mainstreaming climate finance in the banking sector”, said Jean-Marc Arbogast, IFC country manager for the Philippines.

“Moving forward, a robust blue economy will help create jobs and alleviate poverty while strengthening the marine ecosystem in the Philippines.”

IFC will also help BDO identify projects that can combat water stress with rapid urbanisation, as more than 3 million people in the Philippines rely on unsafe and unsustainable water sources and 7 million lack access to improved sanitation.

 

…A blue bond instrument will be key to the nation’s growth trajectory…a robust blue economy will help create jobs and alleviate poverty…

Jean-Marc Arbogast, country manager for the Philippines, International Finance Corporation

 

The bond will be issued under the International Capital Market Association (ICM’s) Green Bond Principle and IFC’s recently launched Blue Finance Guidelines, a blue-specific framework and metrics that monitor the use of proceeds and report on relevant impact.

“Marking our two-decade partnership, IFC’s investment will be key to helping BDO develop a Blue Finance Framework that will allow us to fund projects that support the country’s blue economy while establishing a new asset class in the Philippine debt market,” said Teresita Sy-Coson, chairperson of BDO Unibank, Inc.

Blue financing is emerging in Asia, with the IFC piloting the mechanism in China, India, Indonesia, and Thailand. Last year, multi-lateral lender Asian Development Bank issued its first ever dual-tranche blue bonds denominated in Australian and New Zealand dollars that will finance ocean-related projects in Asia and the Pacific.

The “blue economy”, which includes livelihoods and other economic benefits derived from oceans, is expected to reach US$3 trillion and employ 40 million people by 2030, giving it critical role in pivoting the global economic system towards regenerating ocean health, said the World Bank.

 


 

Source Eco Business

Malaysian startup Klean recognised for plastic waste reduction

Malaysian startup Klean recognised for plastic waste reduction

“THE fact that, as a startup, we’ve made it past 200 applicants worldwide and into the finals shows recognition on the importance and urgency of resolving the plastic waste problem worldwide,” says co-founder of Klean, Datuk Mohamad Arif Abdullah.

Klean, a Malaysian-based startup, was one of the six finalists for The Liveability Challenge which aims to close the financing gap between the ideas that will make cities better and the investments that will turn their solutions into reality.

Over 200 applications from 34 countries around the world were filed over two months and the six most promising ones selected, including Klean.

 

Good cause: Boden hopes to encourage the public to recycle with his Klean Reverse Vending Machines.

 

Klean, with the other five finalists, took the stage at The Liveability Challenge Finale and pitched their innovative solutions to secure up to S$1mil (RM2.96mil) in funding for the development of their projects.

The event was held on the sidelines of the World Cities Summit and CleanEnviro Singapore Summit on July 11 at Marina Bay Sands.

Klean, which in June won the first Asean edition of Pitch@Palace, plans to talk to Asean governments and government-linked companies on boosting the recycling rates.

In addition, they are also trying to talk to the UK government as the UK is expected to introduce the container deposit scheme towards the end of this year to curb plastic waste.

Both Mohamad Arif and Datuk Dr Nick Boden, as founders of Klean, will proceed to pitch in the finals at Pitch@Palace Global at St. James Palace in London this December.

Klean’s ecosystem utilises a unique Malaysian-made smart reverse vending machine (SRVM) with its own Klean operating system and an app that rewards people for recycling empty polyethylene terephthalate (PET) bottles and aluminium cans with an innovative points scheme, which is redeemable for rewards such as prepaid air time and discounts for transportation rides, goods and services.

Their greatest achievement to date was to team up with HelloGold to tackle generational poverty.

By returning bottles and cans, users can build up a gold portfolio, allowing poor people to save money using readily available waste.

They can even use this gold as collateral to secure a loan, start a business and increase savings.

In Singapore, Klean has teamed up with a leading beverage company to start a proof of concept on a container deposit scheme in the island state.

“Available data shows that the container deposit scheme has been proven to resolve the PET plastic waste problem and increase the recycling rates of countries that adopt them.

“We are aiming to start a scheme here in Singapore and in Asean and turn the tide on the problem of plastic waste in this region,” Mohamad Arif said.

They are currently seeking to secure US$5mil (RM20.2mil) in funding to allow further research and development and to launch machines across Malaysia, Singapore and the rest of Asean. — Bernama.

 


 

Source The Star