What’s the fix for a warming planet? Just one word: Plastics.

As the world grapples with greenhouse gas emissions still rising despite years of political wrangling over how to combat global climate change, a technology to convert carbon dioxide and methane into plastic is emerging as one potential market-driven solution. To boot, the process can be less expensive than producing plastics from petroleum.

“You have a new paradigm where plastics are saving the economy a whole lot of money, they are replacing oil, and in the process we are actually sequestering carbon emissions that would otherwise go into the air,” Mark Herrema, the co-founder and chief executive officer of Newlight Technologies in Irvine, Calif., explained to NBC News.

The market for plastics is massive — and thus the ability to sequester carbon. Plastics are found everywhere from beverage and food containers to toys, furniture and car parts. About 280 million tons of the stuff is produced every year, according to industry statistics.