'War on plastic' could strand oil industry's £300bn investment
by Jillian Ambrose from Environment | The Guardian on (#57QV3)
Major oil firms plan to grow plastic supply to counter impact of shift against fossil fuels
The war on plastic waste could scupper the oil industry's multi-billion dollar bet that the world will continue to need more fossil fuels to help make the petrochemicals used in plastics, according to a new report.
Major oil companies, including Saudi Aramco and Royal Dutch Shell, plan to spend about $400bn (300bn) to help grow the supply of virgin plastics by a quarter over the next five years, to compensate for the impact of electric vehicles and clean energy technologies on demand for fossil fuels.
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