Proactively transitioning away from plastic is a strategic move to maintain profitability and competitiveness, a new report from PlasticFree and Fashion Snoops argues.
“The Post-Plastic Economy” report states that over the next decade, the world’s relationship with plastic will become “unrecognisable”.
The report calls recycling a “false solution” for brands with plastic production and pollution continuing to rise.
Moving away from plastic will mitigate financial risks associated with rising global regulations, and support bottom-line growth and satisfy Environmental, Social and Governance targets, the report argues.
PlasticFree, A Plastic Planet, and creative futures agency Fashion Snoops launched the report.
“The Post-Plastic Economy” sets out the impact of plastic pollution, environmental legislation, case studies and a roadmap for brands and designers to transition to a plastic-free model.
The report found that continuing to use plastic presents a “$100 billion annual financial risk” to businesses by 2040, which it said is equivalent to 25% of turnover in low-margin businesses.
Businesses globally face a choice; whether to be a leader, grabbing the opportunities in the post-plastic revolution or to be a future dinosaur.
PlasticFree and Fashion Snoops have recommended 15 design strategies for brands to achieve the benefits that plastic provides by using natural alternatives and incorporating reuse and right-to-repair models.
The report also says businesses should invest in a full traceability system to understand a materials’ environmental impact, track global plastics legislation, and ensure all claims are backed with third-party verified data to future-proof their organisations.
Sian Sutherland, Co-Founder, of PlasticFree & A Plastic Planet, commented: “Plastic has become a toxic default for a model of business predicated on ecological degradation and an inherent disregard for its impact on not only the planet’s health but our own. But it doesn’t have to be this way.
“The past decade has seen an upward trend in consumer demand for change, legislators are increasingly drafting policy to tackle the crisis and yet many businesses are still wedded to a take, make, waste attitude.
“Ultimately, change is coming, and I now ask brands this simple question – ‘do you wish to be the last to move? Businesses globally face a choice; whether to be a leader, grabbing the opportunities in the post-plastic revolution or to be a future dinosaur.”
