Thank you for the question.
The plastics problem is a global issue. Three hundred million tons of plastic are consumed around the world each year, and that consumption is projected to triple by 2050. We see that as an opportunity. If global demand triples for all sorts of reasons, whether it's transportation, food storage, or all the uses of plastic we are familiar with, there will certainly be opportunities to use innovative technologies that produce plastics with a reduced carbon footprint.
The real problem with plastics comes at the end of their life. This is where we are positioning ourselves by offering a technological solution that allows people to reuse plastics in the same way. As to whether plastics are being properly used, we leave that question to the plastics industry. We provide a solution to the end-of-life issue for plastics, which is universal. Plastics are a problem worldwide, and we see it as an international opportunity.
Canada has developed a tremendous amount of technological expertise in circular economy businesses through the federal sustainable development strategy, as I mentioned, but also through all sorts of provincial programs. These technologies are now ready to be commercialized.
On the other hand, in my presentation, I did raise some of the factors that are making it difficult to adopt these technologies. People are starting to use these technologies, but only where policies on carbon pricing and recycled content are in place. That's what Canada should be looking at, and that's what I wanted to share with the committee this afternoon.