Ahead of the upcoming fourth meeting of the Intergovernmental Negotiating Committee on Plastic Pollution (INC-4) in Ottawa, 160 financial companies are urging governments to establish a treaty aimed at ending plastic pollution.
The call comes as part of efforts to address the estimated 400 million metric tons of plastic waste produced annually, which poses a significant threat to biodiversity, with microplastics discovered across diverse ecosystems, including in human blood and staple foods.
Leading financial institutions, such as Legal & General Investment Management and CDPQ, are advocating for a policy framework with binding rules to align public and private finance with the goal of eliminating plastic pollution, similar to existing agreements like the Paris climate accord.
Specific recommendations include companies assessing and disclosing plastic-related risks, clearer policies from governments on waste management and recycling, and increased private investment towards tackling plastic pollution.
Anne-Sophie Castelnau, global head of sustainability at ING, highlights the importance of a clear transition pathway in the treaty to mobilize finance at scale for this global challenge.
Meanwhile, Steve Hardman, CEO of Plastic Collective, encourages businesses to offer more financial solutions, citing the recent issuance of a $100 million bond by the World Bank to fund plastic-reduction projects in Ghana and Indonesia as a positive step forward.