Humans turning Earth into 'plastic planet': study

Agencies
July 22, 2017

Los Angeles, Jul 22: Humans have created 8.3 billion metric tonnes of plastics since early 1950s, and most of it now resides in landfills or the natural environment, a study has found.plasticplanet

Researchers, including those from the University of Georgia (UGA) in the US, found that by 2015, humans had generated 8.3 billion metric tonnes of plastics, 6.3 billion tonnes of which had already become waste.

Of that total waste, only 9 per cent was recycled, 12 per cent was incinerated and 79 per cent accumulated in landfills or the natural environment, researchers said.

If current trends continue, roughly 12 billion metric tonnes of plastic waste will be in landfills or the natural environment by 2050, they said.

"Most plastics do not biodegrade in any meaningful sense, so the plastic waste humans have generated could be with us for hundreds or even thousands of years," said Jenna Jambeck, associate professor of engineering at UGA.

"Our estimates underscore the need to think critically about the materials we use and our waste management practices," said Jambeck.

The scientists compiled production statistics for resins, fibres and additives from a variety of industry sources and synthesised them according to type and consuming sector.

Global production of plastics increased from 2 million metric tonnes in 1950 to over 400 million metric tonnes in 2015, according to the study published in the journal Science Advances, outgrowing most other human-made materials.

Notable exceptions are materials that are used extensively in the construction sector, such as steel and cement.

However, while steel and cement are used primarily for construction, plastics' largest market is packaging, and most of those products are used once and discarded.

"Roughly half of all the steel we make goes into construction, so it will have decades of use - plastic is the opposite," said Roland Geyer, associate professor at University of California, Santa Barbara (UCSB).

"Half of all plastics become waste after four or fewer years of use," said Geyer.

The pace of plastic production shows no signs of slowing. Of the total amount of plastics produced from 1950 to 2015, roughly half was produced in just the last 13 years.

"What we are trying to do is to create the foundation for sustainable materials management," Geyer said.

"Put simply, you can not manage what you do not measure, and so we think policy discussions will be more informed and fact based now that we have these numbers," said Geyer.

The same team of researchers led a 2015 study published in the journal Science that calculated the magnitude of plastic waste going into the ocean. They estimated that 8 million metric tonnes of plastic entered the oceans in 2010.

"There are people alive today who remember a world without plastics," Jambeck said.

"But they have become so ubiquitous that you can't go anywhere without finding plastic waste in our environment, including our oceans," said Jambeck.

The researchers cautioned that they do not seek the total removal of plastic from the marketplace, but rather a more critical examination of plastic use and its end-of-life value.

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Agencies
February 29,2020

Ahmedabad, Feb 29: The presence of two feral pigeons onboard a GoAir flight at the airport in Ahmedabad in Gujarat created a flutter among the amused passengers, even though the avian surprise did not lead to any untoward incident or delay in the flight.

The incident took place on Friday when the passengers were boarding the Ahmedabad-Jaipur flight.

"Two pigeons had found their way inside the flight G8 702 while the passengers were boarding," an airline statement said on Saturday.

"The crew immediately shooed away the birds. The flight took off at its scheduled time at 5 p.m.," it added.

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Agencies
June 12,2020

Mumbai, Jun 12: Following an overwhelming response for the mega rights issue of Mukesh Ambani-owned Reliance Industries, the partly paid-up rights shares are set to debut on stock exchanges on June 15.

The biggest ever Rs 53,124 crore rights issue was subscribed 1.59 times and received bids worth Rs 84,000 crore on June 3.

Reliance said the rights issue saw a huge investor interest, including from lakhs of small investors and thousands of institutional investors, both Indian and foreign.

In 2019, Ambani said in the Reliance's annual general meeting that the company will be net zero debt by March 2021. The company is on course to achieve its target ahead of the deadline.

"In spite of the COVID-19 crisis and the lockdowns, the due-diligence by Saudi Aramco for the planned investment in the O2C business is on track as both the parties are committed and actively engaged," he said recently.

"With a strong visibility to these equity infusions, Reliance is set to achieve net zero debt status ahead of its own aggressive timeline. We believe rights issue was a part of the company's strategy of deleveraging its balance sheet," said Ambani. 

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News Network
February 5,2020

Feb 5: Tesla is making Elon Musk a lot richer without paying him a dime.

A blistering stock rally has bolstered the value of CEO Musk's 19% stake in the electric car maker by $16 billion since the start of 2020, to $30 billion.

Tuesday's steep climb in the share price could sweeten Musk's payday under his record-breaking compensation package, which is built on stock options that rely on market value targets. Two milestones have now been achieved that could see Musk unlock options worth $1.8 billion.

The controversial chief executive, who is also the majority owner and CEO of rocket maker SpaceX, recently testified that he did not have a lot of cash as he successfully defended himself in a defamation lawsuit. He previously has taken loans using his Tesla shares as collateral.

Musk does not take a salary, choosing instead a risky options package that envisions the stock market value of Tesla rising to $650 billion over 10 years, a prospect that was derided by some investors when the deal was announced in 2018.

That target now looks less crazy. Shares of Tesla have rallied over 50% since the company posted its second consecutive quarterly profit last Wednesday, which was viewed as a major accomplishment for a company competing against established automotive heavyweights including General Motors Co  and BMW.

Tesla shares have climbed about 400% since early June, helped by the company's better-than-expected financial results and ramped-up production at its new car factory in Shanghai.

On Tuesday, Tesla surged as much as 24% before falling back in the final minutes of the trading session to end the day up 13.7%. That put its market capitalization at $160 billion, almost twice the combined value of Ford Motor and General Motors.

The shares had also rallied on Monday, partly fueled by Panasonic Corp's 6752.T saying its automotive battery venture with Tesla was profitable for the first time.

The options Musk was awarded in 2018 vest incrementally based on targets for Tesla's stock market value and its financial performance. The market capitalization would have to sustainably rise by $50 billion increments over the agreement's 10-year period, with the full package payout reached if the market cap reaches $650 billion, as well as the company's meeting revenue and profit targets.

Musk is on his way to seeing his first two tranches of options vest. He achieved operational targets on revenue and adjusted earnings last year.

The rise in Tesla's market capitalization last month to a target of $100 billion opened the way for Musk's first tranche of options to vest. With Tuesday's surging share price, the market capitalization blew past the second target of $150 billion, opening the way for the second tranche to vest. Tesla's market capitalization must stay at or above each target level for one- and six-month averages for each set of options to vest.

Tesla was valued at about $52 billion when shareholders approved the pay package in March 2018, a time when the company faced a cash crunch, production delays and increasing competition from rivals.

A full payoff for Musk would surpass anything previously granted to U.S. executives, according to Institutional Shareholder Services, a proxy advisor that recommended investors reject the pay package deal at the time.

Musk currently owns about 34 million Tesla shares, and his compensation package would let him buy another 20.3 million shares if all his options tranches vest.

When Tesla unveiled Musk’s package, it said he could in theory reap as much as $55.8 billion if no new shares were issued. However, Tesla has since awarded stock to employees and last year sold $2.7 billion in shares and convertible bonds, diluting the value of the stock.

Musk has transformed Tesla from a niche car maker with production problems into the global leader in electric vehicles, with U.S. and Chinese factories. So far it has stayed ahead of more established rivals including BMW and Volkswagen.

Many investors remain skeptical that Tesla can consistently deliver profit, cash flow and growth. More Wall Street analysts rate Tesla "sell" than "buy," and the company's stock is the most shorted on Wall Street.

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