By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > News > California accuses Exxon of misleading public on plastic recycling
News

California accuses Exxon of misleading public on plastic recycling

News Room
Last updated: 2024/09/23 at 12:35 PM
By News Room
Share
4 Min Read
SHARE

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

California has filed a lawsuit against ExxonMobil alleging it falsely promoted the recyclability of plastic, becoming the first US state seeking to hold an oil major accountable for plastic pollution.

The lawsuit alleges Exxon, one of the world’s largest producers of plastic, deceived the public for half a century about the sustainability of its plastic products. The lawsuit seeks damages from the oil group for harms inflicted from plastic production. 

“For decades, ExxonMobil has been deceiving the public to convince us that plastic recycling could solve the plastic waste and pollution crisis when they clearly knew this wasn’t possible,” said California attorney-general Rob Bonta in a statement. “ExxonMobil lied to further its record-breaking profits at the expense of our planet and possibly jeopardising our health.”

Exxon did not immediately respond to a request for comment.

The allegations arrive as plastics play a growing role in supporting oil demand and as the UN prepares to broker in late November the world’s first binding agreement to cut plastics pollution in South Korea, a deal that has been likened to the 2015 Paris climate agreement.

Global consumption of plastic, a primary driver of petrochemicals demand, is expected to triple by 2060, according to the OECD, reaching 1.3bn tonnes. China was the largest producer of plastics last year, surpassing North America by a slim margin, according to S&P Global Commodity Insights. 

The International Energy Agency cites the petrochemicals sector as the “single largest contributor” to oil demand growth for the next four years as the electrification of power and transport sectors curb the global thirst for crude. The plastics industry is expected to make up 10 per cent of global emissions by mid-century, up from 5 per cent in 2019, according to a report from the Lawrence Berkeley National Laboratory.

California’s lawsuit against Exxon follows the investigation it launched into the fossil fuel and petrochemicals sectors and their role in plastic pollution in 2022. A group of non-profit organisations including Sierra Club and Surfrider Foundation filed a similar lawsuit on Monday targeting Exxon for misleading claims about its plastics business. 

State and local governments are increasing efforts to hold companies accountable for plastic waste. Earlier this year, New York attorney-general Letitia James sued PepsiCo, demanding the food and drinks company reduce its plastic pollution and pay for damages. 

Developing countries, environmentalists and businesses have called for a limit on plastic production to be included in the final UN plastics treaty expected by the end of the year, arguing that relying on waste management solutions such as recycling were inadequate. 

Karen McKee, head of Exxon’s product solutions business, told the Financial Times earlier this year that a limit on production would not solve the pollution problem and that UN negotiators needed to be “open-minded” about solutions. 

Exxon produced 11.2mn metric tonnes of polyethylene last year and operates a chemical recycling plant for plastic in Baytown, Texas.

About 10 per cent of all plastic is recycled, according to the OECD, which estimates investment in recycling must reach $1tn by 2040, up from less than $20bn today. 

Read the full article here

News Room September 23, 2024 September 23, 2024
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Meme stock traders show support for Fed Chair Powell amid DOJ investigation

Watch full video on YouTube

Why Tariffs Are Becoming Unsustainable For Automakers

Watch full video on YouTube

Starwood Property Trust: Discounted Yield With Contained Credit Risk (NYSE:STWD)

This article was written byFollowI am a stock analyst with over 20…

Cisco’s new AI hologram agent is a game-changer for retail.

Watch full video on YouTube

State Of The Union 2026 Rapid Recap: Trump’s Biggest Economic Remarks

Watch full video on YouTube

- Advertisement -
Ad imageAd image

You Might Also Like

News

Starwood Property Trust: Discounted Yield With Contained Credit Risk (NYSE:STWD)

By News Room
News

TOMI Environmental Solutions, Inc. (TOMZ) Q4 2025 Earnings Call Transcript

By News Room
News

Undercovered Stocks: Power Solutions, Kraft Heinz, W. P. Carey, And More

By News Room
News

Columbia Seligman Global Technology Fund Q4 2025 Commentary (SHGTX)

By News Room
News

John Hancock Classic Value Fund Q4 2025 Commentary (PZFVX)

By News Room
News

Lithium Miners News For The Month Of March 2026

By News Room
News

How the shadow fleet is capitalising on the chaos of war

By News Room
News

17 Education & Technology Group Inc. (YQ) Q4 2025 Earnings Call Transcript

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?