Innovation in plastic: The potential and possibilities; a report that speaks about actionable solutions
Marico Innovation Foundation has released a first-of-its-kind playbook designed to unlock latent opportunities for addressing plastic waste, a growing global challenge. The report titled “Innovation in Plastic: The Potential and Possibilities”, Actionable solutions are provided across the plastic value chain and can help address the short, medium, and long-term challenges associated with plastic waste management in India – including recycling, sorting, and finding alternatives to plastics.
As knowledge partners, Marico Innovation Foundation collaborated with the Indian Institute of Science (IISc) and Praxis Global Alliance. In addition to identifying the challenges created by plastic waste at a macro and commercial level, the partners provided opportunities and recommendations related to plastic waste management and dispelled myths, especially about bioplastics. Several corporate leaders, start-up ecosystem players, industry experts, and scientists were interviewed as part of the research methodology.
There are also 15 innovations in the playbook that are 1st in the nation and even 1st in the world. There are some cases that address plastic waste in a unique and path-breaking way. Also included in the report are a number of innovative initiatives that have been implemented in cities and communities to address the plastic waste challenge.
“We understand the critical need to build an ecosystem that can help deliver innovative solutions for global problems,” said Mr. Harsh Mariwala, Founder of Marico Innovation Foundation and Chairman of Marico Ltd. It is for this reason that the Marico Innovation Foundation (MIF) was founded and has been at the forefront of India’s innovation story. Plastics were prime candidates for this intervention. The playbook is only the first step in developing an ecosystem for innovation in this industry. MIF is dedicated to bringing about long-term and meaningful change and will be actively involved in assisting innovations in this endeavour to thrive.”
“Some of the innovations featured in the playbook are not only India-first but also world-first with their potential to solve for plastic waste management, circularity, replacing plastics with more sustainable solutions that diverse stakeholders including governments and businesses can benefit from,” said Mr. Amit Chandra, Honorary Chairperson – Governing Council – Marico Innovation Foundation and Chairperson, Bain Capital India Office. “With the right ecosystem support,” he continues, “these innovations hold the promise of delivering viable game-changing solutions that could reframe the future for future generations.”