Just such an amazing new material has been created by Washington State's NewWood. They have developed a type of high performance wood composite construction panel that is made out of 50% recycled wood and 50% recycled plastic. The NewWood material is water and weatherproof, cuts like wood and acts like plastic.
It can be used as utility board, underlayment, fencing and hundreds of other uses. It's a promising green option that can cut down waste in the world and provide a solid material for all kinds of projects.