When Exxon Mobil announced a record $56 billion annual profits last week, it noted that the company had established “one of the largest advanced recycling facilities in North America, capable of processing more than 80 million pounds of plastic waste per year.”
That seems like a lot of recycling muscle, except when you consider another figure. The company produced an estimated 6 million metric tons, or 13.2 billion pounds, of polymers used to make plastic in 2021 alone. That is an estimate from a report published by the Minderoo Foundation, set up by the Australian mining magnate Andrew Forrest. Minderoo tracks plastic waste and campaigns against it.
Exxon is the largest producer of virgin polymers, which are derived from petrochemicals and used in plastic. The second largest is a Chinese company called Sinopec.
Asked for comment on the Minderoo report, an Exxon spokeswoman said that “plastics play a vital role in everyday life” and that the company is trying to scale up recycling. “By working with others in industry, governments, communities and consumers, we are helping expand recycling programs so that more plastic waste is transformed into valuable products rather than ending up in landfills.”
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