FACTSHEET Economic benefits of phasing out plastics Who benefits from

Economic benefits of phasing out plastics FACTSHEET Economic benefits of phasing out plastics Contrary to the plastic industry’s claims about their contribution to the global economy, plastic has high environmental, social, and health costs and brings limited economic benefits. [...] 1 What is the economic cost of plastic pollution? The true cost of plastics can be understood by tracking hidden, direct and indirect costs associated with the full life cycle, including: direct costs (cleanup and waste management); indirect costs (increased health care costs, flooding, carbon emissions, reduced tourism and fisheries, etc.); and uncompensated costs (lost productivity, lost ecosyst. [...] The higher costs are due to detrimental environmental and socio-economic impacts associated with the plastics value chain that are being borne by low- and middle- income countries, amid limited capacity to regulate and enforce health and safety rules and the absence of global mechanisms to share accountability for the costs of plastic pollution. [...] Most countries would benefit from phasing out plastics, in terms of cost savings, job creation and economic growth in the reuse sector. [...] Considering that most countries are net importers of plastics, replacing plastic with domestically produced materials and systems can strengthen the national and local economy, with benefits for job creation, investment and entrepreneurial opportunities.