What's Happening?
The Business Coalition for a Global Plastics Treaty, co-chaired by Unilever, has endorsed the Bridge to Busan Declaration, urging governments worldwide to agree on a global objective to achieve sustainable
levels of virgin plastic production. The coalition participated in the fifth round of negotiations (INC5) in Busan, South Korea, aiming for a legally binding UN treaty to end plastic pollution. Although the negotiations did not result in the desired agreement, they avoided a voluntary treaty scenario. Panama led a group of over 110 countries advocating for sustainable production levels, aligning with the coalition's views. The coalition remains committed to achieving a circular economy for plastics through harmonized regulations.
Why It's Important?
The endorsement of the Bridge to Busan Declaration by the Business Coalition signifies a strong push towards a legally binding treaty to combat plastic pollution. This move is crucial for setting global standards and regulations that can drive significant reductions in virgin plastic production. The coalition's efforts highlight the importance of international cooperation in addressing environmental challenges, potentially influencing public policy and industry practices. Businesses and investors require clear global rules to scale solutions effectively, and the coalition's advocacy could lead to substantial changes in how plastic production and waste management are approached globally.
What's Next?
The decision to resume the session at an 'INC5.2' meeting in 2025 indicates ongoing efforts to finalize the treaty. Stakeholders, including businesses and governments, are expected to continue negotiations to reach a consensus on critical issues such as production levels and the phase-out of problematic plastics. The coalition will likely maintain its advocacy for strong ministerial signals and global approaches, emphasizing the need for a legally binding treaty. The upcoming sessions will be pivotal in determining the treaty's final form and its impact on global plastic pollution.
