A group of 160 financial firms urged governments on Friday to agree on a deal to end plastic pollution so the private sector can act before the next round of global talks in Canada.
The fourth meeting of the Intergovernmental Negotiating Committee on Plastic Pollution (INC-4) will be held in Ottawa next week to set the stage for a final agreement by the end of the year.
Reducing the estimated 400 million tonnes of waste produced each year is a vital part of efforts to protect biodiversity, as microplastics are found everywhere from the Himalayas mountains to staple foods and even human blood.
To help solve the problem, financial institutions, including Britain’s largest investor Legal & General Investment Management and Canadian pension investor CDPQ, called for a policy framework backed by regulations binding
In addition to specific measures, the group called for the treaty to include a target for all public and private funding to be consistent with the goal of eliminating plastic pollution, similar to the target in the Paris Climate Agreement and the Kunming -Montreal Global Biodiversity Framework. .
The group also asked companies to assess and disclose the risks and opportunities associated with plastic; to clearer plastic-related policies and targets from governments in areas such as waste generation and recycling; and to more private investment to end plastic pollution.
“A clear transition path outlined in the Convention will help attract significant funding for this massive work to end plastic pollution around the world,” said Anne-Sophie Castelnau, global head of sustainability at ING , one of the signatories.
Steve Hardman, CEO of Plastic Collective, an NGO that worked with Citi and the World Bank to design the world’s first bond to reduce plastic waste, welcomes the support but calls on the business community to provide more financial solutions.
In January, the World Bank issued $100 million in bonds to finance plastic reduction projects in Ghana and Indonesia. Investors get interest related to the credits that the projects create for the removal of plastic. (Editing by Mark Potter)
2024-04-19 02:00:00
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