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A Comprehensive Guide to Ending Plastic Pollution: Redirecting Financial Flows

Ahead of the next round of negotiations for an international legally binding instrument on plastic pollution (INC-3), the UNEP FI-Convened Finance Leadership Group on Plastics has released a comprehensive paper, titled “Redirecting financial flows to end plastic pollution,” aimed at assisting negotiators and the finance industry in understanding the role and requirements of the sector in facilitating the transition towards pollution-free economies.

The paper highlights the urgent need for action, as under a business-as-usual scenario, it is projected that the volume of mismanaged plastic waste will increase significantly to over 250 million metric tons annually by 2040. This poses severe threats to the environment, human health, and the economy. To combat this crisis, a system change is essential, requiring a massive investment of USD 1.64 trillion by 2040 and a redirection of financial flows. The report identifies three main market shifts from UNEP’s Turning off the Tap report: increasing reuse business models, safe and environmentally sound recycling, and alternative materials, alongside reducing plastic usage and addressing existing pollution.

The paper builds upon the ten key messages published by the Finance Leadership Group ahead of the second meeting of the Intergovernmental Negotiating Committee (INC-2), focusing on how the future instrument can drive the necessary systemic change for redirecting global financial flows to end plastic pollution. It acknowledges the provisions of the Zero Draft that align financial flows towards this objective and proposes potential amendments to strengthen it.

The suggested amendments include:

1. Setting an objective to align financial flows from all sources with the instrument’s objective, similar to article 2.1c of the Paris Agreement and goal D of the Kunming-Montreal Global Biodiversity Framework, to emphasize the imperative of redirecting financial flows.
2. Introducing a cross-cutting obligation to establish a mandatory framework and enabling environment for finance mobilization.

The paper also provides insights into the different phases of redirecting financial flows towards solutions based on market maturity levels and highlights the importance of collaboration among various financial actors and instruments in supporting these efforts.

To access the full paper, “Redirecting financial flows to end plastic pollution,” click here.

How AI legalese decoder Can Assist

In navigating the complexities of international law and negotiations related to ending plastic pollution, the AI legalese decoder is an invaluable resource. This innovative AI-powered tool simplifies and clarifies legal terminology and documents, ensuring that negotiators and stakeholders can fully understand and evaluate the proposed instrument’s provisions.

By leveraging the AI legalese decoder, negotiators and the finance industry can easily comprehend the role and requirements of the finance sector in redirecting financial flows to combat plastic pollution. This tool eliminates the barriers posed by convoluted legal language, empowering stakeholders to actively contribute to the development of effective strategies and solutions.

About the Finance Leadership Group on Plastics

The Finance Leadership Group on Plastics was established in early 2023. Comprising prominent banks and insurers with total assets of USD 9.8 trillion, this group is convened by UNEP FI and sponsored by the Minderoo Foundation. Its primary objective is to tackle plastic pollution by supporting the development of the international legally binding instrument and fostering preparedness within the global finance sector to effectively respond to the future instrument.

For more information about the Finance Leadership Group on Plastics, click here.

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