The Ellen MacArthur Foundation and The Prince of Wales's International Sustainability Unit launched a $2 million innovation prize on Thursday in London, England. The initiative calls for new ways of designing packaging to prevent plastics from polluting the world's oceans.
"After 40 years of effort, globally only 14% of plastic packaging is collected for recycling, with one third escaping collection and ending up in the environment," explains Dame Ellen MacArthur in a press release. "If we want to change this, we must fundamentally rethink the way we make and use plastics. We need better materials, clever product designs and circular business models. That’s why we are launching the New Plastics Economy Innovation Prize, calling for innovators, designers, scientists and entrepreneurs to help create a plastics system that works.”
The New Plastics Economy is three-year initiative to build momentum towards a plastics system that works. Applying the principles of the circular economy, it brings together key stakeholders to rethink and redesign the future of plastics, starting with packaging. Learn more about the innovation prize.