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Well, I still choose to see a silver lining in al this. If consumers begin to favor products with that label, it might encourage plastic manufacturers to increase the percentage of recycled feed. If that happens, recycling plants will face increased demand, which warrants increased production. It could be a good start.
The thing is, the plastic industry clearly doesn't want that ratio to increase. If they get their way, that ratio will remain very low, and plastic recycling will be little more than elaborate green washing.
Yeah unfortunately it’s much more likely they would spend 50 million to lobby on making the requirements lower rather than 100 million to meet them if their financial models predicted a more profitable outcome