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Investors ask US Petrochemicals Giant to Report on Recycled Plastics Switch

A slim majority (50.4%) of Phillips 66 shareholders have backed a resolution calling for the US petrochemicals firm to outline the feasibility of switching to recycled plastics production. The resolution, filed by US advocacy group As You Sow, requests that Phillips 66 publish a report describing how it could shift its plastic production business from virgin to recycled plastic polymers, assess the resilience of its petrochemical assets under virgin-to-recycled transition scenarios of five and 10 years, and study the financial risks associated with such scenarios. Phillips 66 is the joint owner of Chevron Phillips Chemical, the 15th largest global producer of virgin plastic resins bound for single-use applications. A similar proposal will be debated and voted on at Exxon Mobil’s AGM next month, while Amazon also faces a vote on a resolution asking it to report on how it could reduce its plastics use.

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