The UN Global Plastics Treaty

This means that member states did not meet the ambition under the UNEA 5.2 mandate to deliver a treaty before the end of 2024. Read on for an overview of how PRI has supported the financial sector’s engagement with the treaty negotiations, the outcomes from INC-5, 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. As of November 2024, 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) 

The fifth session of the Intergovernmental Negotiating Committee (INC-5) concluded without a formal decision in the early hours of 2 December. This means member states did not meet the ambition under the UNEA 5.2 mandate to deliver a treaty before the end of 2024. A resumed meeting will be held at a later date, likely in 2025.

During the final plenary, countries agreed to use the INC Chair’s revised text 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. In its current form, the text reflects the areas of contention between member states, including: 

• Scope: Oil-producing countries 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 called to prioritise voluntary over binding measures. This is reflected in some of the language options throughout the text, including under Article 1 on Principles and Approaches. 

• Finance mechanism: There was 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. Overall, the text’s many options leave critical issues unresolved, despite the role of the private sector being recognised in some options (including on the alignment of financial flows with the treaty’s objectives under Article 11 on Finance). The treaty’s ambition would be improved through an article on the treaty’s intention to address “the full lifecycle of plastics” (scope), stronger binding language for countries’ implementation of the treaty, clearer definitions around the harmonisation of extended producer responsibility schemes, and better identification of co-benefits with climate and biodiversity finance. A robust agreement would also feature measures to ensure the assessment and disclosure of corporate plastic-related risks and opportunities, which are currently missing from the Chair’s text. 

What’s next? 

The financial sector statement provides a strong signal that member states have positively received. 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. The statement remains open to receiving support from additional financial institutions before the resumed INC-5 as we continually seek opportunities to advocate for a robust agreement. 

Sign the statement

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 13 December 2024.