Because of the growing understanding that major challenges, such as climate change, resource constraints and urbanization require major solutions, the Sustainability Accounting Standards Board has decided to channel the power of the capital markets to tackle these issues head on. The SASB issued standards for the following five industries: aerospace and defense; chemicals; containers and packaging; electrical/ electronic equipment; and industrial machinery and goods.
The global market for sustainable packaging is predicted to grow to $244 billion by 2018. This is an increase of 28% in only five years.
Companies are starting to look at the value of closing the loop in the product life cycle. In the United States the amount of plastic, steel, glass, aluminum and paper sent to landfills annually is estimated at $11.4 billion. This represents a substantial loss of potential feedstock for new containers and packaging. The American Forest and paper Association launched its “Better Practices, Better Planet 2020” initiative to accelerate recycling rates of paper packaging by more than 70% by 2020.
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