A worldwide recycling problem is limiting companies trying to reduce plastic in packaging: Expert

As consumers grow more environmentally conscious and ditch single-use plastics, companies have responded by working to incorporate more recycled materials into their plastic packaging.

"The response is really focusing on recycled content — they've set targets globally, to achieve at least 30 percent recycled content in all their plastic packaging," Phineas Glover told CNBC at the Credit Suisse Asian Investment Conference in Hong Kong on Thursday. The country started importing waste in the 1980s to fuel a growing manufacturing sector. It grew a whole waste processing and recycling industry, but improper handling of trash and a lack of effective supervision turned the country into a major polluter.

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