Minderoo makes $US300m waste commitment

Andrew and Nicola Forrest’s Minderoo Foundation has announced a $US300 million ($440 million) commitment to establish a new industry-focused initiative to end worldwide plastic waste.

Minderoo launched the initiative in United Nations headquarters in New York today, with the initiative backed by giant US companies including Coca Cola, Walmart, Unilever and The Dow Chemical Company.

The initiative is called 'Sea of The Future', and companies that join will pay a voluntary contribution on plastics produced from fossil fuels.

The voluntary contribution is not payable on recycled plastics, which Minderoo said would immediately make it a cheaper alternative feedstock and therefore reduce plastic waste.

Minderoo Foundation has committed to underwrite up to five years of audit fees for initiative, at a cost of $US260 million, plus $US40 million in establishment costs.

Minderoo claims the initiative will raise more than $US20 billion annually for global recycling, collection and environmental remediation.

It said the calculation of the $US20 billion per annum figure was an estimate based on taking the total production volume of plastic globally, considering a participation rate by industry, and multiplying it by the voluntary contribution.

Mr Forrest said industry, fully supported by governments and regulators, was the only sector that could drive the shift needed to save oceans from plastic waste.

"This existential threat requires a global solution able to transcend borders, politics and corporate responsibility,” he said.

“We have less than five years to make this happen.

“Only a broadly adopted, international industry-led approach will keep plastics in the economy and out of the environment."