A report by the Ellen MacArthur Foundation and the World Economic Forum, titled “The New Plastics Economy”, was released on Tuesday and outlined economic possibilities involving reusing plastics.

Currently we are dumping almost 8 million tonnes of plastic into the ocean alone every year, with 95% of the plastics we produce never getting recycled. According to the report it equates to losing as much as $120 billion from the global economy every year. The report goes on to outline many other problems and explains the benefits of tapping this lost capital.

What was particularly interesting about the report was its projections for the future of plastic production. By 2050 our production of plastics will quadruple to 318 million tonnes every year. By weight, assuming we are still dumping as much as we are now, there will be more plastic than fish in our oceans, at the moment the ratio is about 5:1 in favour of the fish.

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