U.K. businesses are expected to jointly invest up to £149 million, alongside a £60 million government investment, to help fight the global battle against single use plastics, the government said on Monday.
As the government hopes to reduce carbon impact by using plants instead of oils to make plastics and packaging, the fund will go towards the search for alternatives that could be made from plants, wood chippings and food waste.
Additionally, the funding will allow manufacturers to find ways to cut waste in the supply chain, develop new business models and create new sustainable recyclable materials.
Around 80 million tonnes of plastic packaging is produced annually and if left unchecked, this is expected to triple by 2050, government data shows.
"The race is on to develop new effective and practical solutions to end the scourge of single use plastics, helping protect our planet for future generations," said Business Secretary Greg Clark.
£1 equals 7.08 Turkish Liras
By Zeynep Beyza Kilic