Plastics will come to account for as much as 95% of oil demand growth in the two decades to 2040
The UN is this week discussing the future of plastic—or so it would seem on the surface. The UN Global Plastics Treaty negotiations aim to curb plastic pollution by essentially curbing the use of plastics globally. And they look set to fail. The goal is certainly noble. Reducing the massive amount of plastic waste that we produce on a daily basis to keep it from ending up in rivers, oceans and, according to some researchers, our bodies. Achieving this goal, however, is quite another matter.
Indeed, plastics are widely seen as the biggest driver of oil demand in the future, although we might end up surprised at how long demand from the transport sector endures in view of the latest developments in EV markets. It is little wonder then that the oil industry seeks to protect this demand driver—and it has some solid backing from science.
Petrochemicals Waste Recycling Oil
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