Procter & Gamble, Henkel and Clariant are among the nearly 30 member companies that have come together to launch the new Alliance to End Plastic Waste (AEPW), which aims to eliminate plastic waste in the environment.

The member companies from the plastics and consumer goods value chain have initially pledged over $1.0 billion with an investment goal of $1.5 billion over the coming five years in a bid to eradicate the waste, with a strong focus on ocean plastic.

The new organization will look at ways to develop solutions that will minimize and manage plastic waste, according to Henkel, while also promoting solutions for used plastics in order to help boost a circular economy.

David Taylor, Chairman of the Board, President and CEO of Procter & Gamble, and Chairman of the AEPW, said, “Everyone agrees that plastic waste does not belong in our oceans or anywhere in the environment. This is a complex and serious global challenge that calls for swift action and strong leadership. This new alliance is the most comprehensive effort to date to end plastic waste in the environment. I urge all companies, big and small and from all regions and sectors, to join us.”

The Alliance, which is formed of chemical and plastic manufacturers, consumer goods companies, retailers, waste management companies and converters, have been working with World Business Council for Sustainable Development as a ‘founding strategic partner.’

There are four main objectives outlined by the Alliance: Infrastructure development, Innovation, Education and Clean up.

Hans Van Bylen, Henkel CEO and President of the German Chemical Association VCI, said, “As a global consumer goods and industrial company, we at Henkel want to contribute to ending plastic waste. Developing sustainable solutions for this challenge will only be possible if we engage and collaborate across the entire value chain – from suppliers, trade partners, consumers and organizations through to governments.”