Financial institutions were invited to sign a statement to demonstrate support from the financial sector for an ambitious international legally binding instrument (ILBI) to end plastic pollution. The statement was addressed to INC-4 negotiators[1] and sets out what a robust agreement would include from the perspective of the financial sector.
The statement is now closed for signatures.
It is endorsed by 160 financial institutions representing over (US) $15.5 trillion combined assets.
The full list of 160 signatories is available here
Our world is facing a triple planetary crisis of climate change, biodiversity loss and pollution. Over recent decades, the production and consumption of plastic, particularly single-use items, has surged. The resulting increase in plastic waste and pollution is a significant and growing threat to climate change, biodiversity, human rights and public health, which exacerbates system-level risks.
Action taken by the financial 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.
Increasingly, the financial sector is stepping up to the plastic pollution challenge by addressing system-level risks in line with internationally agreed frameworks such as the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework (including Target 7c) and by engaging with governments on the ILBI negotiations.
But voluntary action is not enough.
The PRI, together with UNEP FI, Finance for Biodiversity Foundation, the Business Coalition, the Dutch Association of Investors for Sustainable Development (VBDO) and CDP, drafted this statement to demonstrate finance sector’s support for an ambitious international legally binding instrument (ILBI) to end plastic pollution and to set out what a robust agreement would include from the perspective of the financial sector.
The ILBI 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.
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 ([email protected]) or Jan Raes ([email protected]).
Downloads
Finance statement: Plastic pollution
PDF, Size 0.27 mb
References
[1] The statement was announced, alongside its full list of signatory organisations, to negotiating member states during the fourth session of the Intergovernmental Negotiating Committee (INC-4) from 23-29 April 2024 in Ottawa, Canada.
