Over US$8 billion worth of packaging waste is sent to landfill every year, presenting a huge business opportunity for waste capture and reuse, according to environmental consultancy As You Sow. Fortunately, innovative initiatives such as the Plastic Disclosure Project shed light on how to harness this potentially huge revenue stream.

In an effort to address the missed opportunity presented by plastic waste, the Ocean Recovery Alliance launched the Plastic Disclosure Project (PDP) at the 2010 Clinton Initiative. The goal of the program is to change the current perception of plastic waste from a costly problem to a lucrative solution.

PDP’s mantra is: “If you can measure it, you can manage it”. The initiative provides guidance to enterprises and organizations on developing plastic management strategies. The PDP targets companies and other institutions such as universities, airports, stadiums, and municipalities, to measure their plastic footprint by tracking plastic use and waste creation every year.

Its aim is to motivate organizations to use plastic more efficiently within a “closed-loop system”. The knock-on effect of such practices will lead to innovative practices and job creation.

The first step is tracking and measuring the amount of plastic a company uses. Once businesses and communities understand their plastic waste streams, they can focus on what solutions can be deployed.

Interesting solutions include aggregating waste materials among companies with similar waste streams in order to achieve economies of scale. Another highly promising option is to implement plastic-to-fuel technology as a means of capturing value from remaining plastic waste that is not readily recyclable.

Several organizations have already embedded the PDP into their sustainability strategy. Among the first reporters are UK cosmetics company, Lush Cosmetics, and US communications firm Paragon Communications.

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