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That “waste product” isn’t just thrown away.
They’re still hydrocarbons. Which are used in other places or burned for fuel… Which isn’t actually all that great for the environment…
Actually, tossing the waste product in a pit might be better, environmentally speaking.
It’s already happened once.
The Big Mike banana was super popular until the 1950s, when a fungal infection basically wiped them out. (they’re still grown in a few places, but are super susceptible to infection)
So, the banana growers switched over to the Cavendish banana. It was resistant to the fungus.
But the days of the Cavendish were always numbered because of how they’re grown. A seedless banana can only grow via cuttings. Which is how they’ve been grown since the beginning. Every single banana on the shelf at your local supermarket is genetically identical. They’ve been identical since the 50s, and the fungus has adapted to them. Worse still, the particular fungus that’s now attacking the Cavendish cultivar is extremely resistant to fungicides.
So yeah, without some sort of massive shift in genetic diversity, the Banana will no longer be a thing in Central America. Do note, that the banana is not a native plant in the Americas, and is cultivated widely in Southeast Asia. So yeah, the Banana will not go extinct, but it will vanish from American and European stores.