I'm not so sure. How long would it take for that plastic to decompose into CO2 if left in the landfill? According to wiki plastic may persist for "hundreds or even thousands of years". That essentially makes it a good "carbon sink" long enough for the global warming issue to be solved or overplayed. Turning all of it into CO2 right now doesn't sound like a good idea from a global warming perspective.
Of course oil scarcity may turn out to be an even worse (or more immediate - especially for Japan which is isolated) problem and then this technology can mitigate somewhat. Besides, waste is often burned for heating anyway so might as well make oil of it.
Finally watched the video, and while it makes some sense given limited living space in Japan, I wonder if exporting the waste plastic for incorporation into products wouldn't be more cost effective as well.
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