Chemical companies and major consumer brands are betting that chemical recycling—mainly pyrolysis and depolymerization—will help them achieve ambitious recycling targets. They will invest billions in new projects over the coming decade. Environmentalists, however, are skeptical. They think chemical recycling is a smoke screen for keeping business as usual, for not much of an environmental improvement. And they doubt the projects will get off the ground. Using less plastic, they say, is the best option. But industry maintains it is on the threshold of proving the technology.