Plastic pollution is a global systemic risk. Plastic consumption is expected to double by 2040,1 and flexible plastic packaging that makes up the majority of Sealed Air’s portfolio2 has near zero recycling rates worldwide.3 Sealed Air acknowledges that for a material to be recyclable, it must be collected, sorted and recycled in practice, consistent with the FTC Green Guides.4 The company discloses a goal to “design 100% of its packaging solutions to be recyclable or reusable by 2025.” 5 However, there is little demand for flexible plastic feedstock6 which makes it uncertain whether the infrastructure necessary to recycle 60% of flexible plastic packaging designed for recycling will ever exist. Sealed Air’s design for recyclability strategy exposes the Company to the following risks: • Regulatory: Upcoming extended producer responsibility regulation in the EU7 and in US states8,9 increases costs for companies with large plastic footprints. Corporations could face an annual financial cost of approximately $100 billion should governments require them to cover the waste management costs of packaging they produce.10 • Legal risk: Media investigations have found that plastic collected in Store Drop Off bins largely ends up in landfills and incinerators. 11,12 The Store Drop Off label used on Sealed Air’s flexible packaging includes the chasing arrows symbol, making it potentially misleading under the FTC Green Guides13 and likely illegal in California under the Environmental Claims Marketing Act (17580), 14 and SB343once it goes into effect. 15 Multiple companies have faced lawsuits under 17580 for making misleading recyclability claims. 16,17,18 • Market Access Loss: Consumers increasingly prefer non-plastic packaging as evidenced by Amazon’s recent switch to mostly paper-based packaging.19,20 Sealed Air could lose market share if it fails to sufficiently invest in create packaging solutions with the benefits of plastic from other materials and competitors create the technology first.