The plastic system is burdened with many inefficiencies that have been exposed, and exacerbated, by the outbreak of the coronavirus (SARS-CoV2) pandemic in December 2019, widely known as COVID-19, and which threaten society's commitment to transition to a sustainable plastics economy. This perspective aims to depict the structural and systemic inefficiencies of the plastics system, and illuminate: (a) the vulnerability of the recycling sector to macroeconomic – particularly to oil price – shocks; (b) the economics of the recycling system; (c) the political dimensions of the plastics sector. It emphasises that is unwise to think about plastics recycling as an insular and linear problem, due to the complexity and interconnectedness of different parts of the plastic system that affect and are affected by the intertwined processes, stakeholders and values. That said, the transition to a sustainable plastics system requires an integrated, knowledge-based systems approach that interrogates the dynamics and causal-effect relationships of the interconnected challenges. This analytical scrutiny can indicate where interventions are needed in the plastics system towards creating transformational change.

A broad range of organizations, from small and medium-sized enterprises to large multi-nationals, are interested in adopting circular economy practices. A circular economy can help companies make better use of materials by minimizing the input of natural resources, reducing waste, and optimizing the economic, social, technical and environmental costs and benefits of materials and products throughout their lifecycle. Despite the interest of companies in a circular economy, only 9% of material flows in the global economy are circular. There is formal guidance for those offering business support with the aim to expedite the transition to a circular economy. However, support measures narrowly confine the role of companies and the motivations of business managers to the economic realms, assuming that companies are solely driven by monetary factors. Conversely, pluralist economic views emphasize the broader role of companies in society: for example, in respect of the well-being of their staff and the communities in which they reside. Indeed, our practical experiences of business support have brought alternative motivations to explore a circular economy to the fore. We argue that business support should stem from a broader conception of the role of business in society. The diverse motivations and willingness of business managers to engage in a circular economy should be investigated further with results feeding into broader and more inclusive business support guidelines in the future to accelerate the transition towards a circular economy.

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As the world economy rapidly decarbonises to meet global climate goals, the export credit sector must keep pace. Countries representing over two-thirds of global GDP have now set net zero targets, as have hundreds of private financial institutions. Public and private initiatives are now working to develop new standards and methodologies for shifting investment portfolios to decarbonisation pathways based on science. However, export credit agencies (ECAs) are only at the beginning stages of this seismic transformation. On the one hand, the net zero transition creates risks to existing business models and clients for the many ECAs, while on the other, it creates a significant opportunity for ECAs to refocus their support to help countries and trade partners meet their climate targets. ECAs can best take advantage of this transition, and minimise its risks, by setting net zero targets and adopting credible plans to decarbonise their portfolios. Collaboration across the sector can be a powerful tool for advancing this goal.