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Drilled

Big Oil's Bad Bet on Plastic

Drilled

Pushkin Industries

Earth Sciences, True Crime, Science

4.62.4K Ratings

🗓️ 6 November 2020

⏱️ 19 minutes

🧾️ Download transcript

Summary

A new report from Carbon Tracker finds that the fossil fuel industry is pinning its hopes on a plastic boom—and try as it might to spur that demand, it's just not materializing. Report author Kingsmill Bond joins us to discuss. Read the full report...

Transcript

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0:00.0

Hey, Trolld listeners!

0:11.4

We are getting close to being able to release this next season.

0:14.5

I swear today I want to talk to you about a new report that's been released from Carbon

0:19.8

Tracker.

0:20.8

The title is quite clever.

0:22.4

The future is not in plastics.

0:24.2

We'll graduate reference there.

0:26.5

The report is looking at how the oil and gas industry has for quite a while now been

0:32.0

pointing to petrochemicals and specifically plastics as its way out when demand for oil

0:38.6

and gas related to transportation and various other sectors declines.

0:42.8

They've been hanging a lot of their hopes on petrochemicals and plastics, and what this

0:47.2

new report tells us is that the demand is just not there.

0:51.4

The oil industry is predicting that plastic use will just continue to grow at 4% a year

0:57.6

for several years, and they're basing a ton of investments on that.

1:02.5

They're also getting a ton of investment dollars based on those projections.

1:06.6

But what Carbon Tracker found is that in fact demand will be decreasing 4%.

1:12.6

That's quite a gap.

1:14.2

On top of being a bad investment financially, of course, plastic is quite bad for the

1:21.7

planet and not just on the waste side.

1:24.1

CO2 is emitted in the production of plastic.

1:28.4

Plastic is often burned emitting more emissions.

1:32.0

For the most part right now, plastic is being made with the emissions of fracking and being

...

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