The Ellen MacArthur Foundation, together with The Prince of Wales’s International Sustainability Unit, have today announced the launch of the $2 million New Plastics Economy Innovation Prize. The Prize which is funded by Wendy Schmidt as Lead Philanthropic Partner of the New Plastics Economy Initiative, calls for innovators, designers, scientist and entrepreneurs to help create packaging that keeps plastics out of the ocean.
The demand for plastics products is expected to double in the next 20 years – but the plastics system is broken. Only 14% of plastic packaging is recycled, with the remainder, worth $80-120 billion, lost as waste. Most plastic packaging items are used only once before being discarded, often ending up polluting the environment. If nothing changes, there could be more plastic than fish in the ocean by 2050. This new prize aims to keep plastics as valuable materials in the economy, and out of the ocean.