Environmental campaigners warn that Ratcliffe’s controversial ‘Project One’ will bring ‘US-scale plastic production to Europe.’
Jim Ratcliffe, Britain’s pro-Brexit billionaire, hit the headlines this week with news that the government is providing a €700m guarantee for him to build the biggest petrochemical plant in Europe in 30 years. The plant will turbocharge the production of plastic.
Left Foot Forward takes a look at who Ratcliffe is, and how his controversial ‘Project One’ that will bring ‘US-scale plastic production to Europe’ is recieving significant financial guarantees from the Tory government.
Ratcliffe’s story is one of capitalist meritocracy, of someone who grew up on a council estate in Failsworth, Manchester, and went on to become the wealthiest man in Britain. He studied chemical engineering at Birmingham University and gained an MBA from London Business School in 1980. Having worked as a chemical engineer, in May 1998 he founded Ineos. The multinational is one of the largest chemical producers in the world and plays a significant role in the oil and gas market. According to the 2023 Sunday Times Rich List, the company’s owner, Ratlcliffe, is worth £27.9bn.
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This week, it was announced that the government is providing a €700m guarantee for Ratcliffe to build a huge petrochemical plant in Europe. The site will import fracked shale gas from the US to provide the ethane which will produce 1450 kilotons of ethylene – the building block of plastic – a year.
The plant is being constructed by Ineos in the Belgian city of Antwerp. Environmental campaigners have described the petrochemical plant as a ‘carbon bomb,’ warning that it will turbocharge plastic production on a scale not seen before in Europe, at a time when countries are hoping to negotiate a binding global treaty to tackle plastic pollution. The ‘Project One’ plant has faced a long-running legal battle by environmental groups. In the summer of 2023, the building of Ratcliffe’s €3bn plant was halted after a landmark court victory by the NGOs. A new legal challenge argues that the true impact of the development on people, nature and the climate has not been considered.
“There is a huge problem of plastic pollution from nurdles already in Antwerp and the Netherlands. This plant will bring US-scale plastic production to Europe,” said Jeroen Dagevos, of the Plastic Soup Foundation, one of the NGOs challenging Project One.
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