Daily Newsletter

25 November 2024

Daily Newsletter

25 November 2024

Plastics treaty negotiations enter final stage

Delegates from 175 nations meet in Busan, South Korea, to finalise the Global Plastics Treaty, which aims to revolutionise how plastics are produced, used, and managed to curb pollution.

Mohamed Dabo November 22 2024

The final round of negotiations for the Global Plastics Treaty is underway in Busan, South Korea. Delegates from over 175 nations have gathered to craft a legally binding agreement targeting the life cycle of plastics.

With global plastic production soaring to nearly 460 million tonnes annually—a staggering 200-fold increase since 1950—action is urgently required to address environmental and health concerns.

“Plastic production is set to double by 2040,” warned a representative from the Organisation for Economic Co-operation and Development (OECD). “If left unchecked, this growth could consume a quarter of the remaining carbon budget needed to limit global warming to 1.5°C.”

This alarming trajectory, combined with the revelation that only 9% of all plastic waste has ever been recycled, highlights the critical importance of these negotiations.

The United Nations Environment Programme (UNEP) estimates that 19 million tonnes of plastic enter natural ecosystems annually, endangering wildlife and polluting waterways worldwide.

Key points of contention and consensus

The treaty’s draft contains proposals to address production, design, and disposal. However, sharp disagreements remain over specific measures. Nations like Saudi Arabia, Russia, and Iran, which have significant fossil fuel interests, advocate focusing on waste management rather than curbing production.

In contrast, the European Union, Fiji, and Switzerland are leading the charge for “sustainable levels of production” under the Bridge to Busan declaration.

Though the United States has not signed this declaration, it supports reducing plastic output while also pushing for advanced recycling and reuse systems.

Delegates are also debating which chemicals to ban from plastic products and how to finance the necessary global transition. Despite these differences, there is broad agreement on the urgent need to enhance waste management and encourage reusable materials.

The road ahead for a global agreement

This fifth meeting of the UN’s Intergovernmental Negotiating Committee (INC) on Plastic Pollution aims to finalise the treaty. “We recognise the challenge of aligning diverse interests,” remarked a UN spokesperson. “However, the cost of inaction far outweighs the investment required for systemic change.”

If consensus is not reached this week, a sixth meeting will likely be scheduled for 2025. Industry experts and environmental groups are urging negotiators to act decisively.

The stakes are high, not just for the environment but also for the global economy, as industries brace for shifts in regulation and production practices.

The Global Plastics Treaty represents a pivotal opportunity for nations to redefine humanity’s relationship with plastic.

Whether this week’s discussions will deliver the transformative change needed remains uncertain, but the growing pressure from civil society and scientific communities underscores the urgency of the moment.

Uncover your next opportunity with expert reports

Steer your business strategy with key data and insights from our latest market research reports and company profiles. Not ready to buy? Start small by downloading a sample report first.

Newsletters by sectors

close

Sign up to the newsletter: In Brief

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thank you for subscribing

View all newsletters from across the GlobalData Media network.

close