Fall in the plastic industry will also reduce oil demand

(Deepshikha Gautam, Intern Journalist) New Delhi: The demand for plastic is expected to decline drastically in the next 10 years. The amount of 400 billion dollars investment in the petrochemical and oil industry is also in danger. The report ‘The future is not in plastic’ released on Sunday by systemicQ and carbon tracker says that the efforts are on to discourage plastic in the world on one hand because it is harmful to the environment. On the other hand, the oil industry is still betting on it. But it will have to pay a heavy price in the future.

Actually, there is a large consumption of oil in the plastic industry. According to the report due to global efforts to reduce the use of plastic, the annual growth rate of plastic will decrease from 4 % to 1% by 2027. This will cause a huge drop in oil demand. Then the demand for oil will start decreasing due to new energy being relatively cheap.