Rethinking plastic as a commodity, keeping it in a closed economy and out of landfills for long, is the best way to unclog the world’s oceans.

That’s the belief of Andrew “Twiggy” Forrest’s Minderoo Foundation in Australia, which has pledged $300m as incentives for a new global industry-focused initiative to end plastic waste by charging more for virgin plastic created from fossil fuels, he announced Wednesday.