German chemicals company BASF SE /zigman2/quotes/204280060/delayed DE:BAS +1.99% said Wednesday it has co-founded a global alliance of nearly 30 companies to work on ways to eliminate plastic waste in the environment. The company said the alliance has committed more than $1 billion to the project and aims to invest $1.5 billion in the next five years. BASF Chief Technology Officer Dr. Martin Brudermueller said the company wants to help drive the effort to solve the waste problem, but also to ensure that the benefits of plastics such as convenience are not offset by the waste created when they are not disposed of or recycled in a responsible way. Data from the Ocean Conservancy shows that plastic in the oceans is mostly coming from litter on land and can be traced to ten major rivers, mostly in Asia and Africa. Many flow through regions that are densely populated but with inadequate waste collection and recycling infrastructure. The alliance will help fund projects to promote recycling, educate governments and communities and clean up areas of waste concentration. Other companies in the alliance include Chevron Phillips Chemical Company /zigman2/quotes/205871374/composite CVX +3.05% , ExxonMobil /zigman2/quotes/204455864/composite XOM +5.52% , Mitsui Chemicals /zigman2/quotes/203728790/delayed JP:4183 +0.86% and Total.