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BP rolls out new plastics recycling effort

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Photo: Omar Marques/SOPA Images/LightRocket via Getty Images

BP and corporate giants including Unilever announced a new consortium Thursday that aims to transform "difficult to recycle" plastic wastes into materials that can be repeatedly used to make high-quality packaging.

Why it matters: The world has a gigantic plastics waste problem, and these are some big players — others involved include food and beverage giant Danone and the big packaging company Alpla.

The big picture: The group aims to speed deployment of BP's "Infinia" technology for recycling polyethylene terephthalate plastic packaging waste.

What they're saying: Rita Griffin, the chief operating officer of BP's petrochemical unit, said, "we know we cannot create circularity on our own." The company is working with others to "prove a practical business model that can hopefully contribute to making all types of polyester waste infinitely recyclable."

Where it stands: Via Bloomberg, "The move follows in the footsteps of a competitor Total SA, which announced last week that it would work alongside companies including Nestle SA and Mars Inc. to develop a nascent chemical-recycling industry in France."

Go deeper: Big Oil doubles down on recycling