160 Financial Companies Urge Global Treaty to End Plastic Pollution Ahead of Canada Talks

A coalition of 160 financial institutions, including major investors like Britain's Legal & General Investment Management and Canada's CDPQ, have called for an ambitious global treaty to end plastic pollution ahead of the fourth round of negotiations set to begin in Canada next week. The companies are urging governments to create a policy framework backed by binding regulations to help solve the problem of the estimated 400 million tonnes of plastic waste produced each year.

The fourth meeting of the Intergovernmental Negotiating Committee on Plastic Pollution (INC-4) will be held in Ottawa from April 23-29 to set the stage for a final agreement by the end of the year. Canada, as the host country, is leading efforts to drive ambition and alignment on addressing plastic pollution, including hosting a series of events and meetings with international partners. The Canadian delegation, led by the Minister of Environment and Climate Change, aims to help unite the world around a shared goal to end plastic pollution by 2040.

Why this matters: Plastic pollution is a growing global crisis, with plastic production and waste set to triple by 2060, leading to up to 37 million metric tons of plastic pollution entering oceans annually by 2040. The development of a legally binding global treaty on plastic pollution is crucial to addressing this issue and aligning efforts worldwide.

The financial companies are calling for the treaty to set an objective for all public and private finance to be consistent with the goal of eliminating plastic pollution, similar to the Paris climate agreement and the Kunming-Montreal global biodiversity framework. They also want the treaty to require companies to assess and disclose plastic-related risks and opportunities, and for governments to set clearer policies and targets on waste creation and recycling.

The business coalition believes that while voluntary agreements have shown progress, legally-binding global rules are needed to scale available solutions and create a level playing field for industry to urgently solve the plastic pollution crisis. They are pushing for a treaty that reduces plastic use, circulates all plastics that cannot be eliminated, and prevents and remediates remaining plastic pollution.

The INC-4 talks represent a critical moment to unite the world around a shared goal to end plastic pollution. While no final agreement is expected at this meeting, it is a crucial step towards a successful conclusion of the negotiations at INC-5 later this year. The support from the financial sector is welcomed, but there is a call for the business community to provide more financial solutions to end plastic pollution. "A clear transition pathway laid out in the treaty will help leverage finance at scale to end plastic pollution worldwide," the group of financial companies stated in their joint call for action.

Key Takeaways

• 160 financial institutions call for global treaty to end plastic pollution
• Treaty aims to align public and private finance to eliminate plastic waste
• Canada hosts negotiations to unite world around goal to end plastic by 2040
• Businesses seek legally-binding global rules to scale solutions and create level playing field
• Financial sector urges for clear transition pathway in treaty to leverage finance at scale