California-based advocacy group As You Sow has organized $1 trillion in assets into a new Plastic Solutions Investor Alliance, after shareholders began calling upon major consumer product companies to reduce plastic packaging, increase recyclability and aide in the recycling collection process.
As You Sow believes that its community of investors will have a positive influence in raising public and governmental awareness about the problems associated with plastic pollution, especially as it relates to marine litter.
The move is in response to growing concerns over plastic waste – especially due to single-use items like plastic straws. In the U.S. alone, it is estimated that more than 500 million plastic straws are used every day, or an average of 1.6 straws per person per day.
The Indonesian Olefin, Aromatic and Plastic Industry Association argued that a tax on plastic would be counterproductive because it would harm the industry – small manufacturers would be especially effected. Investments would be damaged, and there would be less opportunity to create jobs.