Targeted clean-up tackles plastic externalities at surprisingly low cost

By identifying the small number of rivers responsible for most ocean plastic, Boyan Slat’s Ocean Cleanup project applies scarce resources where the marginal social benefit is greatest. More than 50 million kilograms of waste have already been removed, helping to reduce the negative consumption externalities imposed on fisheries, tourism and marine ecosystems. Rather than attempting the costly task of changing behaviour everywhere, the project focuses on pollution hotspots, potentially preventing a third of ocean plastic through interventions in just 30 cities. For a projected cost of $350 million, the scheme suggests that correcting a major market failure may be far cheaper than the external costs of leaving it unchecked.

Young inventor who left engineering studies removes nearly 50 million kilograms of ocean plastic, aims to eliminate 90% of floating waste by 2040

1. Explain the term opportunity cost and find examples of the opportunity cost of cleaning up ocean plastic pollution from the article.

2. Using an MSC-MSB diagram for the market that generates plastic waste, explain how reducing plastic pollution from the world's most polluting rivers could lead to a net welfare gain.

3. Discuss the extent to which technological innovations such as The Ocean Cleanup's AI-powered Interceptors and ocean collection systems are the most effective way to reduce ocean plastic pollution.