'We estimate that not just plastic but waste prevention, eco-design, reuse, recycling and similar measures could bring net savings of Euro 600 billion, or 8% of the annual turnover for businesses in the EU,' said Vella.
During the conference, Plastics Recyclers Europe released a study entitled 'Increased EU plastics recycling targets environmental, economic and social assessment', which argues that greenhouse gas savings through plastics recycling could result in 11.5% less emissions produced by the EU plastics industry by 2025.
In order to achieve the recycling target of 60% for plastic packaging by 2025, as many as 250 new sorting facilities as well as 300 new recycling plants will be needed in Europe, the study also suggests.
These investments will create an estimated 120 000-plus jobs across the EU. Plastics Recyclers Europe president Ton Emans said: 'As much as 74% of plastics waste in Europe is still not managed in a sustainable way, either by landfilling or incinerating it. The revised circular economy package shall focus on changing this situation. Plastics Recyclers Europe is supporting the Commission in its work to close the loop.'