Turning the tide on plastic waste and pollution

Plastic pollution is a global challenge and systemic issue, exposing financial institutions to a range of material financial risks. Every year we produce 300 million tonnes of plastic waste (more than the weight of the entire human population) and only 9% of this is recycled. International action has been increasing. The Kunming-Montreal Global Biodiversity Framework (target 7), calls for the reduction of pollution risks from all sources by 2030, including ‘preventing, reducing, and working towards eliminating plastic pollution’ as part of this. Additionally, last year saw the adoption of a resolution at the UN Environment Assembly, to end plastic pollution and create an international, legally binding agreement on plastics. This resolution was supported by 175 nations and is currently under development between now and 2024. Although policies and regulations on plastic use have risen dramatically in recent years, this agreement has the potential to make a substantive difference by harmonising goals and action from policymakers worldwide. Ahead of the upcoming third round of negotiations in November to develop this agreement, this webinar explores: Why plastic waste and pollution is a risk to financial institutions, including the opportunities of a circular economy for plastics to address climate and biodiversity risks; How financial institutions can take action to address this issue; and How financial institutions can engage with the UN global agreement currently under development.