March 7, 2024
Ahead of the fourth round of negotiations for an international legally binding instrument to end plastic pollution (INC-4) taking place in April, financial institutions are invited to sign the Finance Statement on Plastic Pollution to call on governments for an ambitious Global Plastics Treaty.
Action taken by the private finance sector could play a crucial role in addressing the root causes of plastic pollution, and in enabling a sustainable, safe, and just circular plastics economy.
Along with the United Nations Environment Programme Finance Initiative (UNEP FI) , Principles for Responsible Investment , Finance for Biodiversity , the Dutch Association of Investors for Sustainable Development and the CDP, we invite all financial institutions – including investors, asset managers, asset owners, banks, insurance companies, financial industry associations, and other finance-related initiatives – to sign on, urging governments to take decisive action against plastic pollution.
The statement, addressed to INC-4 negotiators, sets out what a robust agreement would include from the perspective of the financial sector. The statement’s list of signatory organisations will be publicly announced to negotiating Member States during INC-4, taking place between 21-29 April 2024 in Ottawa, Canada.
Find out more, and sign the statement by the 16th of April 2024 at: https://www.unepfi.org/pollution-and-circular-economy/pollution/the-finance-statement-on-plastic-pollution/
Chemicals and polymers of concern
Problematic and avoidable plastic products
Reduce, Reuse, Refill and repair of plastics and plastic products
Product design and performance
Extended Producer Responsibility
Waste management
The draft treaty text includes a (sub-)section related to this focus area, but the proposed provisions do not reflect the Business Coalition’s recommendations.
The draft treaty text proposes provisions that are at least partly aligned with the Business Coalition recommendations, but some major changes still need to be incorporated and/ or it lacks the necessary references to develop technical specifications to make them meaningful, operational and enforceable.
The draft treaty text proposes provisions that are mostly aligned to the Business Coalition’s recommendations, and it references the need to develop technical specifications to ensure harmonised implementation.
The draft treaty text proposes provisions that are aligned to the Business Coalition’s recommendations, and it requires technical specifications to be adopted by the INC or the future governing body to help governments to implement harmonised and effective regulations.
The draft treaty text contains both the legal provisions and the technical specifications needed to help governments to implement harmonised and effective regulations in line with the Business Coalition’s recommendations.