MIAMI, FL / ACCESSWIRE / September 24, 2024 / The stakes for enforcing sustainable, circular economy initiatives have just increased significantly. In a groundbreaking legal move that could have enormous precedent-bearing implications, California state officials have taken Exxon Mobil to court, accusing them of perpetuating global pollution through a deceptive narrative surrounding plastic recycling. Led by Attorney General Rob Bonta, the lawsuit seeks "multiple billions of dollars" in damages, claiming that Exxon exaggerated the effectiveness of recycling while promoting single-use plastics. According to the presser from environmental advocacy group Beyond Plastics, only about 5% of U.S. plastic waste is recycled.
Molly Liebergall reported in Morning Brew yesterday that Bonta's investigation, which spanned over two years, claims Exxon has known since the 1970s that recycling plastics at scale was economically unfeasible. Despite this knowledge, the company continued to ramp up its production of petrochemicals while lobbying against legislative measures aimed at reducing plastic consumption. Responding to the lawsuit, Exxon criticized California for failing to manage recycling effectively, suggesting collaboration could have been more productive than litigation.
Large companies are certainly wise to follow the proceedings, noting that California's lawsuit could become a national trend by vitalizing a growing effort in the U.S. to hold major corporations accountable for misleading claims related to plastic pollution. And they have more than just California to worry about. Four other environmental organizations have joined this legal battle, alleging violations of California's nuisance and unfair competition laws. This piling-on, which may define a growing trend, reflects a broader movement toward holding corporations accountable for their environmental impact.
The Urgent Need for Sustainable Packaging
Some companies are upfront about the challenges faced. Major brands, including PepsiCo , Unilever , and Colgate-Palmolive, have announced their inability to meet sustainable packaging goals. While disappointing, this outcome was unsurprising. As noted in a prior article, John Blake, a senior director analyst at Gartner, highlighted these challenges in 2021, emphasizing the significant obstacles companies face in achieving their environmental objectives. As 2024 approaches, it has become clear that these hurdles are quite formidable for many organizations-not due to a lack of intent in clearing them but rather a shortage of technological support.
This is where SMX (Security Matters) (NASDAQ:SMX) emerges as a potential game-changer. The company offers innovative solutions to help address the urgent issues surrounding sustainable packaging. The potentially best news for SMX, and the planet, is that many recognize that SMX's approach could be vital in bridging the gap between ambition and reality for major brands striving to achieve their sustainability targets. It's also fair to cut some regulatory slack, or at the very least, reset expectations.
Those outside the packaging research and development sector often underestimate the challenges surrounding sustainable packaging. Plastics have been meticulously engineered over decades to provide lightweight, safe, and economical solutions. However, these materials were not designed for easy reuse or recycling. As companies endeavor to untangle decades of innovation in just a few years, they face substantial technical and economic barriers.
A critical issue is the scarcity of high-quality, food-grade recycled plastics. This shortage creates hurdles many companies struggle to navigate, compounded by underdeveloped supply chains and reverse logistics for reusable packaging. As 2025 approaches, many organizations are reassessing their commitments to sustainability, realizing that lofty goals-such as making 100% of packaging reusable, recyclable, or plastic-free-were often set without comprehensive consultation among research, supply chain, and manufacturing teams.
The Role of SMX in Bridging Ambition and Reality
The growing distance between ambitious sustainable packaging goals and actual implementation highlights an urgent need for industry collaboration and governmental support. Packaging must not only be recyclable but also recycled at scale. This requires a holistic approach that considers product safety, transport efficiency, and economic viability.
The European Commission's recent actions against all 27 EU Member States for failing to meet legally binding recycling targets underscore the issue's magnitude. The Packaging and Packaging Waste Directive aimed for a recycling rate of 55-80% by 2008, a target that remains largely unmet even today.
Enter SMX technology, a cutting-edge solution from Security Matters that could transform the packaging and manufacturing landscape. This invisible marker system can be embedded into nearly any material, allowing for precise tracking and verification throughout a product's lifecycle. This level of transparency and traceability can revolutionize recycling efforts.
SMX technology can improve the sorting of various plastic types, ensuring that high-quality recycled materials are effectively separated and reused. This addresses the current shortages and enhances the quality of recycled products. Furthermore, it enables companies to monitor packaging throughout its lifecycle, ensuring that materials are reused or recycled as intended.
Additionally, SMX technology can assist companies in meeting increasingly stringent regulatory requirements. By providing a reliable method for tracking packaging materials, SMX helps organizations demonstrate compliance, mitigating the risk of legal repercussions while bolstering their sustainability reputations.
A Call for Collaboration and Innovation Over Litigation
The ambitious targets set by the packaging industry should be commended for their role in driving progress. However, a new approach is essential to navigate the challenges ahead. Organizations must adopt a pragmatic stance on sustainable packaging, leveraging insights from early adopters and recognizing the specific limitations and opportunities in their respective regions.
Collaboration among industry stakeholders and government entities is crucial for developing the infrastructure necessary to support sustainable packaging at scale. Investment in innovative technologies like SMX will be instrumental in overcoming the technical and economic barriers that have hindered progress.
As companies strive to maintain transparent communication with stakeholders about the complexities of achieving sustainable packaging goals, they can foster greater trust and understanding. Acknowledging these challenges while investing in innovative solutions can pave the way for a more sustainable future.
SMX Technology Is a Game-Changer
With game-changing technologies like SMX's at their disposal, companies now have a better chance than ever to meet recycling mandates and address the global waste crisis. SMX provides not just a glimmer of hope but essential tools for improving recycling rates and ensuring responsible management of packaging materials throughout their lifecycle.
Noting SMX's stock rise in September, the importance of these solutions in the broader sustainability narrative may finally be attracting the attention deserved. That's a good thing. The path forward requires commitment, collaboration, and innovation. That combination ensures that the vision of a sustainable future is more than aspirational but a tangible and reachable reality. Indeed, collaboration over litigation may be the fastest route to making that happen.
Sources:
https://www.cbsnews.com/news/california-plastics-lawsuit-exxon/
https://www.wbur.org/hereandnow/2023/09/05/unrecyclable-plastic-pollution
https://www.knowesg.com/regulators/mcdonalds-tests-plastic-reduction-amid-pressure-28032023
http://hq-wfc2.wiredforchange.com/o/8716/t/0/blastContent.jsp?email_blast_KEY=37242
https://www.morningbrew.com/daily/stories/2024/09/24/ca-sues-exxon-over-alleged-recycle-lies
Disclaimers and Disclosures: This Disclaimer and Disclosure statement is a permanent part of this content. Any reproduction of this content in part or whole that does not include the Disclaimer and Disclosure statement is unauthorized and strictly prohibited. Hawk Point Media Group, Llc. (HPM) is responsible for the production and distribution of this content. Hawk Point Media Group, Llc. is not operated by a licensed broker, a dealer, or a registered investment adviser. It should be expressly understood that under no circumstances does any information published herein represent a recommendation to buy or sell a security. Our reports/releases are a commercial advertisement and are for general information purposes ONLY. We are engaged in the business of marketing and advertising companies for monetary compensation. Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. The information made available by Hawk Point Media Group, Llc. is not intended to be, nor does it constitute, investment advice or recommendations. The contributors do NOT buy and sell securities before and after any particular article, report and publication. HPM holds ZERO shares of SMX (Security Matters) stock. HPM has not been compensated to produce and syndicate this content. HPM, LLC has been previously compensated three-thousand-five-hundred-dollars via bank wire by a third unrelated party to provide this research and/or editorial production coverage for SMX PLC. for a period starting on 04/05/24 and ending on 04/30/24. HPM LLC. was previously compensated two-thousand-five-hundred-dollars to provide similar services for a one month period starting on 4/30/24 and ending on 10/20/23. HPM LLC. was previously paid four-thousand-five-hundred-dollars via bank transfer by Trending Equities LLC for digital production and syndication services beginning on March 1, 2023 and ending on March 31, 2023. Thus, readers of this content should note that SMX PLC is portrayed favorably. As part of that content, readers, subscribers, and website viewers, are expected to read the full disclaimers and financial disclosures statement that are attached to this content In no event shall Hawk Point Media Group, Llc. be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or made available by Hawk Point Media Group, Llc., including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information in this video, article, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. Hawk Point Media Group, Llc. strongly urges you conduct a complete and independent investigation of the respective companies and consideration of all pertinent risks. Readers are advised to review SEC periodic reports: Forms 10-Q, 10K, Form 8-K, insider reports, Forms 3, 4, 5 Schedule 13D. Contributors reserve the right, but are not obligated to, submit articles for fact-checking prior to publication. Contributors are under no obligation to accept revisions when not factually supported.
Media contact:
[email protected]
305-998-1876
SOURCE: SMX (Security Matters)
View the original press release on accesswire.com
