Ethan Clarke
Plastic is everywhere, and its impact is devastating. The true cost of plastic is not reflected in the price tag; it's hidden in the health issues, environmental degradation, and economic burdens that society bears. Plastic pollution is expensive, with social and environmental costs estimated at USD 300-460 billion per year. This includes health costs from emissions, air pollution, and exposure to hazardous chemicals, as well as the cost of ocean clean-up and lost marine ecosystem services. The plastic industry's expansion, fueled by cheap fracking gas, harms our health and communities, with marginalized groups, infants, and children bearing the brunt. The price of convenience and disposability is high, and the full cost of plastic production, use, and disposal must be addressed to protect our planet and future generations.
| Characteristics | Values |
|---|---|
| Plastic pollution cost | USD 300-460 billion per year |
| Plastic production in 2040 | USD 10 trillion |
| Plastic waste management cost for governments | USD 670 billion |
| Cost of plastic inaction for businesses | USD 100 billion |
| Cost of plastic collection, sorting, disposal, and recycling | USD 32 billion |
| Cost of plastic to society, the environment, and the economy in 2019 | USD 3.7 trillion |
| Cost of plastic to society and the environment in one year | AU$5 trillion |
| Cost of plastic to Australia's economy and wildlife | AU$17 billion |
| Plastic production by 2040 | Double the current production |
| Plastic pollution by 2040 | Triple the current pollution |
| Plastic health issues | Cancer, heart disease, nervous system disorders, hormone disruption, developmental issues, respiratory problems |
| Plastic environmental issues | Extreme weather events, ocean clean-up, lost marine ecosystem services |
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What You'll Learn
The social and environmental costs
Plastic has become an integral part of our lives, offering economic and social benefits as well as certain environmental advantages. For instance, it helps reduce food waste by increasing shelf life and is useful in packaging and vehicles, reducing the fuel required for transportation. However, the production and disposal of plastic have severe social and environmental costs.
Plastic pollution poses a significant threat to our climate, oceans, wildlife, and human health. Marine ecosystems, for instance, suffer a loss of services due to plastic pollution, resulting in an estimated economic loss of $500 billion to $2.5 trillion per year. This pollution also affects wildlife, the environment, property, and the economy. The breakdown of plastic into micro and nano-plastic particles poses severe risks to public health and the environment. The manufacturers of chemical additives used in plastics, many of which are harmful to human health, are facing increased scrutiny and the possibility of litigation.
The social costs of plastic pollution are far-reaching and often hidden. These costs include the impact on human health, particularly that of children, as well as the potential for compensation claims against the plastics industry. The industries causing plastic pollution damage are currently acting without bearing the costs, which would increase the price of plastics significantly.
To address the challenges posed by plastic pollution, researchers and organizations are working to develop frameworks for estimating the dollar value of avoided plastic pollution. This will enable better-informed decisions by public agencies on managing the manufacturing, use, and disposal of plastics. It will also help insurers assess and manage plastic pollution-related physical, transition, liability, and reputational risks.
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The health costs
Plastic is toxic at every stage of its life cycle, and it poses a significant risk to human health worldwide. The health costs of plastic are steep and far-reaching, impacting individuals, communities, and the planet as a whole.
Plastics contain thousands of added chemicals, many of which are toxic and can leach into products and people. These chemicals include flame retardants, UV stabilizers, per- and polyfluoroalkyl substances (PFAS), phthalates, bisphenols, alkylphenols, biocides, certain metals, and polycyclic aromatic hydrocarbons. These toxic chemicals have been linked to a range of serious health issues, including cancer, diabetes, obesity, cardiovascular disease, reproductive disorders, neurological impairments, and even death. The World Health Organization estimates that endocrine-disrupting chemicals (EDCs) in plastics cost the US $250 billion in additional healthcare costs in 2018, with similar costs expected annually. This figure is staggering and equivalent to 1.22% of the nation's gross domestic product (GDP).
Impact on Vulnerable Populations
Vulnerable populations, such as marginalized communities, infants, children, and pregnant individuals, are especially susceptible to the harmful effects of plastic chemicals. For example, exposure to plastic pollutants during pregnancy and early childhood can lead to developmental issues, impaired motor skills, reduced cognitive functions, and respiratory problems. Additionally, children exposed to dangerous chemicals in plastic face an increased risk of health disparities later in life.
Environmental Impact and Health Consequences
The plastic industry's expansion, fueled by cheap fracking gas, harms the environment and exacerbates climate change. The constant production and use of single-use plastics contribute to carbon emissions, leading to extreme weather events such as heatwaves, floods, warming oceans, and stronger hurricanes. The environmental impact of plastic pollution also has direct health consequences, as microplastics and nanoplastics invade the human body through food, water, beverages, and the air we breathe.
Addressing the Problem
The high health costs associated with plastic pollution have led to growing calls for a Global Plastics Treaty. In 2022, 175 countries adopted a resolution to end plastic pollution and develop an international legally binding instrument to tackle this issue. The treaty aims to address the impacts of plastic pollution across its lifecycle and bind industries to phase out toxic plastics and chemicals. However, negotiations have been stalled, and the final agreement must be ambitious enough to bring about meaningful change.
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The economic costs
Plastic is one of the cheapest materials around. However, the price tag on plastic products does not account for the whole range of costs associated with plastic. The true cost of plastic is paid for by governments, people, and the planet.
The social and environmental costs of plastic pollution are estimated at USD 300–460 billion per year. This includes the health costs stemming from associated emissions, air pollution, and exposure to hazardous chemicals, as well as the cost of ocean clean-up and lost marine ecosystem services. With microplastics now being found in human blood and the health consequences of that yet unknown, the true cost could be significantly larger. The total cost to governments of managing plastic waste between 2021 and 2040 could reach up to USD 670 billion, with the cost of inaction for businesses potentially reaching USD 100 billion over the same timeframe.
The plastic industry's expansion spree, fueled by cheap fracking gas, is harming the environment and human health. Trillions of pieces of single-use plastics are produced each year, used for a moment, and are then burned, discarded, or left to pollute the oceans. Plastic pollution poses significant health risks, contributes to developmental issues and respiratory problems, and exacerbates existing health disparities. Marginalized communities, infants, and children bear the brunt of these impacts.
The lifetime cost to society, the environment, and the economy of plastic produced in 2019 alone has been estimated at US$3.7 trillion. The cost of plastic produced globally in a year is estimated at AU$5 trillion. This includes the damage caused to the economy and threats to wildlife. If no urgent action is taken, the lifetime cost of virgin plastic produced in 2040 is projected to reach around AU$10 trillion.
The low cost of producing new plastic compared to recycling makes it economically more attractive to produce new plastic rather than recycle existing plastic. This encourages the continuous production of new plastics, exacerbating the accumulation of plastic waste in the environment. Plastic's durability and versatility mean it lingers for centuries after serving its temporary purpose.
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The cost of production
Plastic is one of the cheapest materials around. Its low cost, durability, and versatility have made it the go-to material for lightweight packaging that can protect products throughout the supply chain. However, the price tag on a plastic product often does not include the costs of disposal, recycling, and pollution. The true cost of plastic is, therefore, much higher than the market price and is paid indirectly through taxes or service fees.
The production costs of plastic are kept low by large subsidies for the oil industry. Virgin plastic, made from fossil fuels, is cheap to produce and allows companies to make a profit. However, the environmental and health costs of plastic are significant. Plastic pollution is expensive, with social and environmental costs estimated at USD 300-460 billion per year. This includes health costs from associated emissions, air pollution, and exposure to hazardous chemicals, as well as the cost of ocean clean-up and lost marine ecosystem services.
The disposal system for plastic is also expensive. Plastic is often used for short-lived, single-use products, and only about 10% of plastic is recycled each year. As a result, plastic waste accumulates in landfills, rivers, lakes, and oceans, leading to further clean-up costs. The total cost to governments of managing plastic waste between 2021 and 2040 could reach USD 670 billion.
The hidden costs of plastic also include the impacts on marginalized communities, infants, and children, who bear the brunt of plastic pollution and the chemicals it releases. These costs include developmental issues, respiratory problems, and health disparities. The total lifetime cost of plastic produced globally in a year has been estimated at AU$5 trillion, with the cost to Australia alone being around AU$17 billion.
To reduce the cost of plastic production, economic incentives must change. Scaling back fossil fuel subsidies would raise the production costs of virgin plastics and promote investment in recycled plastics and non-plastic substitutes. Increasing taxes on plastic packaging globally would also help to moderate consumption and boost investment in collection and recycling systems.
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The cost of disposal
Plastic is one of the cheapest materials around. Its low cost, durability, and versatility have made it the go-to material for lightweight, disposable packaging. However, the price tag on a plastic product rarely reflects the true cost of plastic. The price we see does not include the costs of disposal, recycling, and pollution.
The plastic industry's expansion spree, fuelled by cheap fracking gas, is harming the environment, human health, and communities. The full cost of plastic includes the social and environmental costs, which are estimated at USD 300–460 billion per year. This includes the health costs stemming from associated emissions, air pollution, and exposure to hazardous chemicals, as well as the cost of ocean clean-up and lost marine ecosystem services. With microplastics now being found in human blood and the health consequences unknown, the true cost could be much larger.
The plastic supply chain is mostly linear, with materials produced new and used only once. Over two-thirds of the 430 million tons of plastic produced globally each year is for short-lived, single-use products. As a result, plastic waste accumulates in landfills and natural environments, and over 100 million tons of plastics have accumulated in rivers and lakes, and 30 million tons in the ocean. The total cost to governments of managing this waste between 2021 and 2040 could reach USD 670 billion.
The lifetime cost to society, the environment, and the economy of plastic produced in 2019 alone was estimated at US$3.7 trillion. This cost includes the direct disposal costs and the massive expenses required to clean up plastic pollution. As highlighted in a WWF report, the costs of simply collecting, sorting, disposing of, and attempting to recycle plastic waste exceed $32 billion annually.
The true cost of plastic is, therefore, much higher than the price tag we see on plastic products. The cost of disposal is a significant part of this true cost, and it is a cost that is often ignored or underestimated.
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Frequently asked questions
The cost of plastic to the environment is high. Plastic pollution is expensive, with social and environmental costs estimated at USD 300–460 billion per year. This includes the health costs stemming from associated emissions, air pollution, and exposure to hazardous chemicals, as well as the cost of ocean clean-up and lost marine ecosystem services. The environmental impact of plastic packaging waste is far-reaching, with plastics dominating the ever-growing Great Pacific Garbage Patch and littering landscapes globally.
The cost of plastic to human health is significant. Plastic pollution and the chemicals it releases pose health risks, contribute to developmental issues and respiratory problems, and exacerbate existing health disparities. Microplastics, which are tiny particles of plastic found in our air, food, and water supplies, have been linked to potential respiratory, reproductive, and metabolic health issues. The full health consequences of microplastics are still unknown, but they have been found in human blood, breast milk, and the human placenta.
The economic cost of plastic is substantial. The lifetime global cost of plastic produced in just one year is estimated to be around AU$5 trillion, which is more than the GDP of India. The total cost to governments of managing plastic waste between 2021 and 2040 could reach up to USD 670 billion, with the cost of inaction for businesses potentially reaching USD 100 billion over the same period. The cost of simply collecting, sorting, disposing of, and recycling plastic waste exceeds $32 billion annually.
