How the Fossil Fuel Industry is Pushing Plastics on the World
We're in the midst of an energy transition. Renewable power and electric vehicles are getting cheaper, the grid is getting greener, and oil and gas companies are getting nervous. That's why the fossil fuel giants are looking towards petrochemicals, and plastics in particular, as their next major growth market. From a report: "Plastics is the Plan B for the fossil fuel industry," said Judith Enck, Founder and President of the nonprofit advocacy group Beyond Plastics. Plastics, which are made from fossil fuels, are set to drive nearly half of oil demand growth by midcentury, according to the International Energy Agency. That outpaces even hard-to-decarbonize sectors like aviation and shipping. "Every company who is currently engaged in producing plastic, if you look at their capital budgets for the next two to three years, they're all talking about expansion plans," said Ramesh Ramachandran, CEO of No Plastic Waste, an initiative from the Mindaroo Foundation that's working to create a market-based approach to a circular plastics economy. Yet much of the developed world is already awash in plastics. So fossil fuel and petrochemical companies are relying on emerging economies in Asia and Africa to drive growth. Alan Gelder of Wood Mackenzie forecasts that every year through 2050, there will be 10 million metric tons of growth in the market for petrochemicals, which are used to make plastics and other products. He says much of that will be shipped overseas.
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