The Ellen MacArthur Foundation and Prince Charles’ International Sustainability Unit announced the launch of the $2 million New Plastics Economy Innovation Prize at the Saatchi Gallery. The prize is calling on innovators, entrepreneurs and designers across the world to find new ways of designing plastic products to tackle waste.
The reason for the prize? Only 14% of plastic packaging is collected for recycling, with the remainder, worth $80-120 billion, lost as waste. Most plastic packaging items are used only once before being discarded, often ending up polluting the environment. If nothing changes, there could be more plastic than fish in the ocean by 2050.