Mining billionaire Andrew “Twiggy” Forrest is launching a business-driven initiative to try to tackle the hundreds of millions of tonnes of plastic waste produced every year around the globe.

Forrest, through his Minderoo Foundation, is committing US$300m to launch the scheme that proposes manufacturers of fossil-fuel based plastic pay a voluntary financial contribution for doing so.

The rate would not be payable on recycled plastics, which he hopes could drive the transition to use of recycled plastics in production and stem the flow of waste into the world’s oceans and terrestrial spaces.

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(Photo credit: Mick Tsikas/EPA)