Are these two all correct or only 2 correct? Can waste be both singular and plural?
1.There is a lot of waste around us
2.There are a lot of wastes around us
Only #1 is correct.
Yes, this is a specialised use of wastes which does not invalidate 5jj's answer in post #2.
As a general statement, only keannu's first sentence is correct (or would be if had a full stop at the end).
Rover