How to understand this sentence?
Too much packaging is doing serious damage to the environment. The UK, for example, is running out of it for carrying this unnecessary waste. If such packaging is burnt, it gives off greenhouse gases which go on to cause the greenhouse effect. Recycling helps, but the process itself uses energy. The solution is not to produce such items in the first place.
The UK, for example, is running out of it for carrying this unnecessary waste.
1. Does "run out of" mean "use up" here? If so, what does "it" here represent?