FIs Asked to Declare Support for Ending Plastic Pollution

FIs are invited to sign a statement demonstrating support for an international legally binding instrument to end plastic pollution.

The UN Environment Programme Finance Initiative (UNEP FI) and partners are calling on financial institutions to sign up to an open statement urging governments to take strong measures on plastic pollution.

This comes ahead of the fourth round of negotiations at the Intergovernmental Negotiating Committee (INC-4), which will take place in April with goals to pursue the development of an international legally binding instrument to beat plastic pollution.

In 2023, UNEP FI convened the Finance Leadership Group on Plastics – a group of banks and insurers with USD 9.8 trillion in combined assets – to provide input into the INC’s work.

Ahead of the INC’s fourth round of talks, the UNEP FI together with the Principles for Responsible Investment (PRI), the Finance for Biodiversity Foundation, the Business Coalition for a Global Plastics Treaty, the Dutch Association of Investors for Sustainable Development, and the Carbon Disclosure Project, have opened a signature period for their finance statement on plastic pollution.

The statement calls on governments to introduce a plastics treaty that would create an enabling environment for the private sector to play its role in ending plastic pollution.

The UNEP FI estimates that USD 1.64 trillion in investment is needed to finance the required system change and ambitious policies to reduce plastic pollution from short-lived products.

Read more articles like this on Regulation Asia’s sister publication, ESG Investor.

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