The UN Global Plastics Treaty

This means that member states once again failed to deliver a treaty under the UNEA 5.2 mandate. Read on for an overview of how PRI has supported the financial sector’s engagement with the treaty negotiations, the outcomes from INC-5.2, and what’s next. 

How has the PRI supported an ambitious UN Global Plastics Treaty?

The agreement of a legally binding instrument to end plastic pollution (also called “UN Global Plastics Treaty”) will be significant internationally, including for moving beyond voluntary private sector action. It provides an opportunity to establish a similar policy mandate to the Paris Agreement and Kunming-Montreal Global Biodiversity Framework with regards to eliminating plastic pollution and supporting financial sector action on climate and biodiversity goals.  

PRI has supported an ambitious treaty through the Finance Sector Statement. It is addressed to negotiating member states and sets out what a robust agreement would include from the financial sector’s perspective. It is endorsed by 180 financial institutions representing over (US) $17.2 trillion in combined assets. 

View the Finance Sector Statement

Outcomes from the last round of negotiations (INC-5.2) 

The second iteration of the fifth session of the Intergovernmental Negotiating Committee (INC-5.2) concluded without a formal decision in the early hours of 15 August 2025. This means member states failed once again to deliver a treaty under the UNEA 5.2 mandate, following their first attempt at INC-5 in Busan, Republic of Korea in December 2024. A resumed meeting will be held at a later date. The INC Chair’s revised text will serve as a basis for negotiations at this future session.

The INC Chair’s revised text remains open to additions and deletions in future negotiations, but it provides some consensus and options to help move the talks forward. Key areas of contention between member states have focused on: 

• Scope: Oil-producing countries have pushed back against measures to limit plastic production, arguing that it falls outside the treaty’s mandate (despite the UNEA 5.2. mandate to address “the full lifecycle of plastics”) and favouring downstream waste management measures instead.

• Binding measures: Some countries have advocated for measures to be encouraged or be actioned “as appropriate”, rather than to be agreed as binding measures.

• Finance mechanism: There has been a lack of consensus around creating a finance mechanism to implement the treaty, notably one that could adequately support developing countries and the extent to which it should include concessional and private finance.  

What does this mean for the finance sector? 

The Chair’s text provides an opportunity to evaluate progress against the recommendations in the finance sector statement. The text options recognise the role of the private sector (see Article 10 on Financial Resources and Mechanism) and encourages countries to implement economic instruments for product circularity, including extended producer responsibility approaches. However, many critical issues remain unresolved.

The treaty’s ambition and effectiveness would be improved through stronger binding measures to address “the full lifecycle of plastics”. The binding nature of measures would help ensure they are more consistently applied globally, providing a more equal playing field and operating environment for private sector entities. The treaty could also be strengthened by identifying the links and co-benefits with climate and biodiversity finance and by including measures to ensure the assessment and disclosure of corporate plastic-related risks and opportunities. 

What’s next? 

The financial sector statement provides a strong signal to member states. Many recognise the private financial sector’s crucial role in addressing the root causes of plastic pollution and enabling a sustainable, safe, and just circular plastics economy. Talks will resume at a later date and location yet to be announced. 

Further information

• Read our FAQs (PDF).
• Watch our webinars on Onboarding finance to beat plastic pollution and Turning the tide of plastic pollution and waste.
• Contact Bethany Davies at [email protected].  

This page was updated on 19 August 2025.