DOE Invests $13.4 Million to Combat Plastic Waste, Reduce Plastic Industry Emissions

via Energy.gov

The U.S. Department of Energy (DOE) today announced $13.4 million in funding for next generation plastics technologies that reduce the energy consumption and carbon emissions of single-use plastics. The seven selected research and development (R&D) projects — led by industry and universities — will convert plastic films into more valuable materials and design new plastics that are more recyclable and biodegradable. This investment advances  DOE’s work to address the challenges of plastic waste recycling and supports the Biden Administration’s efforts to build a clean energy economy and ensure the U.S. reaches net-zero carbon emissions by 2050. 

Read the full story here: https://www.energy.gov/articles/doe-invests-134-million-combat-plastic-waste-reduce-plastic-industry-emissions

IEEFA Says Formosa Plastics Plant Not Financially Viable

via Big Easy Magazine

Photo credit: zapravka2

In a March 23rd article, the Institute for Energy Economics and Financial Analysis (IEEFA) said that Formosa’s new plastic plant being built in “Cancer Alley” in St. James Parish, would not be financially sustainable, writing, “IEEFA finds that the project will begin operations at a time of market oversupply, lower petrochemical prices, strong competition for market share, restrictive trade policies, environmental regulatory challenges, judicial findings of historic racial discrimination, popular opposition, rising construction costs, and a weakened bond rating. The report urges the cancellation of ‘this ill-advised project, which should be abandoned in light of its weak fundamentals.’”

Among those reasons the Formosa plant seems unviable, they write, that the plant, which was proposed as a $9.7 billion dollar project has already now ballooned to $12 billion. Along with that, they also add that with the likelihood of recycling increasing that the, “Long-term demand for virgin plastic production will likely decline as recycling and bans on single-use plastic increase.”

Read the full story here: https://www.bigeasymagazine.com/2021/03/26/ieefa-says-formosa-plastics-plant-not-financially-viable/

Financial fallout from coronavirus could devastate the fracking and plastics industries

“The likelihood of them being able to meet financial targets after this is quite small,” says one financial analyst.

by Kristina Marusic via Environmental Health News

The process of extracting oil and natural gas from the Earth by drilling deep wells and injecting liquid at high pressure is expensive; many fracking companies go into a tremendous amount of debt. Due to oversupply and consistently low prices for natural gas over the last 10 years, many have yet to pay those debts back and become profitable.

“The industry had already been seeing negative cash flows and a huge debt overhang for quite a while, and we certainly don’t see that changing after this current downturn in the market,” Tom Sanzillo, director of finance for the Institute of Energy Economics and Financial Analysis (IEEFA) told EHN.

Read the full story here: https://www.ehn.org/coronavirus-oil-and-gas-2645520057.html

Draft US law seeks to make plastic industry responsible for waste

via Yahoo The proposed “Break Free From Plastic Pollution Act,” introduced by Democratic lawmakers, would be the most ambitious regulation the US plastics industry has ever seen.

It would require producers to collect and recycle their own waste, create a nationwide drink container refund scheme and phase out certain single-use plastic items.

Read the full story here: https://au.news.yahoo.com/draft-us-law-seeks-plastic-industry-responsible-waste-011137658–spt.html

Growing Automotive Plastics Demand in Electric Vehicle Production

via Plastics News

Push for Electric Vehicles Means Plastics May Take Charge

Detroit — It should not be a shock to automotive suppliers that the plastics industry has an electric future.

By 2025, electric and hybrid electric vehicles could account for 33 percent of total vehicle production worldwide, according to data from IHS Markit Ltd., and suppliers are being tapped by OEMs to put different composites and materials into real-world vehicle applications.

Read the full story here: http://www.plasticsnews.com/article/20180206/NEWS/180209933/push-for-electric-vehicles-means-plastics-may-take-charge

automotive plastic manufacturing
By Mariordo (Mario Roberto Duran Ortiz) (Own work) [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons