Global Plastics Treaty: Implications for Business
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Global Plastics Treaty: Implications for Business

23 July 2024 / Report

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Plastic pollution is a pervasive global challenge, with a considerable amount of it transitioning into marine plastic pollution. Recognizing the gravity of this emergency, nations are working toward a legally binding agreement—the Global Plastics Treaty—scheduled for finalization in November 2024.

Trusted Insights for What’s Ahead™

  • The upcoming Global Plastics Treaty presents an historic opportunity to curb plastic pollution, but hurdles remain on the path to a final agreement. The draft outlines ambitious proposals, including reducing plastic production and consumption, improving waste management and recycling infrastructure, and fostering international cooperation. However, sticking points persist. Negotiators are grappling with whether actions should be mandatory or voluntary, and implemented globally or nationally. The fate of the treaty hinges on the upcoming fifth and final negotiation meeting (INC-5) in Busan, South Korea, from 25 November to 1 December 2024.
  • Under any likely final global plastics agreement, businesses will face a significant shift in responsibility for plastic pollution. It is likely that Extended Producer Responsibility (EPR) schemes will be introduced, requiring businesses to take responsibility for the environmental impacts of their products throughout their life cycle—encompassing production, use, and disposal—especially at the end-of-life phase.

Plastic pollution is a pervasive global challenge, with a considerable amount of it transitioning into marine plastic pollution. Recognizing the gravity of this emergency, nations are working toward a legally binding agreement—the Global Plastics Treaty—scheduled for finalization in November 2024.

Trusted Insights for What’s Ahead™

  • The upcoming Global Plastics Treaty presents an historic opportunity to curb plastic pollution, but hurdles remain on the path to a final agreement. The draft outlines ambitious proposals, including reducing plastic production and consumption, improving waste management and recycling infrastructure, and fostering international cooperation. However, sticking points persist. Negotiators are grappling with whether actions should be mandatory or voluntary, and implemented globally or nationally. The fate of the treaty hinges on the upcoming fifth and final negotiation meeting (INC-5) in Busan, South Korea, from 25 November to 1 December 2024.
  • Under any likely final global plastics agreement, businesses will face a significant shift in responsibility for plastic pollution. It is likely that Extended Producer Responsibility (EPR) schemes will be introduced, requiring businesses to take responsibility for the environmental impacts of their products throughout their life cycle—encompassing production, use, and disposal—especially at the end-of-life phase.
  • Businesses can expect an increase in disclosure requirements related to their plastic footprint. In addition to regulatory and policy pressures, investor pressure is emerging as a significant driver for change. According to a UN report, 160 financial institutions, representing $15.5 trillion in assets, are calling for an ambitious international agreement to tackle plastic pollution in advance of the November meeting. In 2023, the Carbon Disclosure Project expanded its disclosure platform to include plastics to help businesses track the production and usage of plastics across their value chains.
  • Businesses can use their circular economy—the reuse, repair, refurbishment, and recycling of materials and products—initiatives to unlock efficiency gains and build brand equity. Research shows there is potential for long-term financial returns associated with adopting a circular, plastic waste-free model.  It shows that conv
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Authors

Catherine Early

Catherine Early Catherine Early

Research Fellow, Environmental, Social & Governanc…
The Conference Board

Read Bio

Anuj Saush

Anuj Saush Anuj Saush

ESG Center Leader, Europe
The Conference Board

Read Bio

Ioannis Siskos

Ioannis Siskos Ioannis Siskos

Senior Research Fellow, Environmental, Social & Go…
The Conference Board

Read Bio

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