PGGM supports call for international treaty to end plastic pollution

We are proud to be one of the 160 signatories of the Finance Statement on Plastic Pollution, calling on governments for an ambitious plastic treaty ahead of the fourth round of international negotiations (INC-4) that took place from April 23rd until 29th in Canada. The negotiations did yield some success in terms of countries proposing and progressing on certain key measures to address the crisis but countries left undecided whether the treaty will have binding global rules and obligations for governments.

The statement specifically asked for the treaty to be supported by binding rules and obligations for governments to address the full cycle of plastic, for it to be based on a scientific approach and for it to create the framework to align all economic participants with its objectives.

In signing the statement, financial institutions acknowledged that the finance sector has an important role in mitigating financial risks related to plastic pollution and are taking this opportunity to inform negotiators what a robust agreement should include. The full statement of the UN Environmental Programme Finance Initiative (UNEP FI) can be found on their website.

PGGM has signed the statement as plastic pollution is closely linked with other important environmental and social issues, such as climate change, biodiversity loss and health.

Plastic is expected to account for 15% of greenhouse gas emissions by 2050 if no action is taken, is clearly identified as an important issue in the 7th target of the Global Biodiversity Framework, and affects the health of citizens through microplastics and the chemicals it releases when processed. The statement makes the link between these issues and underscores the synergistic benefits of addressing plastic pollution on climate action and biodiversity preservation and restoration.

PGGM has been engaging plastic producers through our climate active ownership program on their climate transition plans. For example, PGGM has been part of the As You Sow investor coalition on Plastics and Petrochemicals and has been engaging with Dow Inc through this collaborative engagement program. You can read more about PGGM’s engagement with the materials sector here: Materials | PGGM.

Download the statement and list of signatories here: Finance-Statement-on-Plastic-Pollution_Signatories.pdf (unepfi.org)