LONDON: A group of 160 financial companies on Friday urged governments to agree a treaty to end plastic pollution that would help spur private sector action, ahead of the next round of global talks in Canada.
The fourth meeting of the Intergovernmental Negotiating Committee on Plastic Pollution (INC-4) is due to be held in Ottawa next week to lay the groundwork for an eventual deal before the end of the year.
Curtailing the estimated 400 million metric tonnes of waste produced every year is a crucial part of efforts to protect biodiversity, with microplastics found everywhere from the mountainous Himalayas to staple foods and even human blood.
To help fix the problem, the finance firms, which include Britain’s biggest investor Legal & General Investment Management and Canadian pension investor CDPQ, called for a policy framework backed up by binding rules.
Among specific steps, the group called for the treaty to set an objective for all public and private finance to be consistent with the goal of eliminating plastic pollution, similar to that in the Paris climate agreement and the Kunming-Montreal global biodiversity framework.
It also called for companies to assess and disclose plastic-related risks and opportunities; clearer plastic-related policies and targets from governments in areas like waste creating and recycling; and for further private investment to be directed to ending plastic pollution.
“A clear transition pathway laid out in the Treaty will help leverage finance at scale for this massive task of ending plastic pollution worldwide,” said Anne-Sophie Castelnau, global head of sustainability at ING, one of the signatories.
Steve Hardman, CEO of Plastic Collective, an NGO which designed the world’s first plastic waste reduction bond alongside Citi and the World Bank, welcomed the support but called for business to provide more financial solutions.
In January, the World Bank issued the $100 million bond to finance plastic-reduction projects in Ghana and Indonesia. Investors will be paid a rate linked to plastic removal credits generated by the projects.

HELSINKI: The EU should take measures to help Finland stop an influx of migrants via Russia, Finnish Prime Minister Petteri Orpo said.

Finland last year shut its long border with Russia amid a growing number of arrivals from countries including Syria and Somalia.
It accused Moscow of weaponizing migration against the Nordic nation and the EU, an assertion the Kremlin denies.
Finland’s government has closed eight of its nine checkpoints with Russia.
The only one that remains open is dedicated to rail travel and cargo trains mainly run through it.
“We are preparing our legislation, but we also need EU measures,” Orpo said, without elaborating, after visiting the Nordic country’s border with European Commission President Ursula von der Leyen.
Von der Leyen told the same press conference that the EU Commission was working closely with the migrants’ countries of origin, agreeing with Finland’s position.
“What we see is that a state is instrumentalizing poor people to put pressure on another state, so that is a clear security issue,” she said.
She said that the measures taken to deal with migrants from Russia must balance protecting the security of borders and international obligations.
Following Poland and Lithuania’s example on their borders with Belarus, the Finnish government is drafting legislation allowing border guards to block asylum seekers entering the country from Russia.
“We all know how (Russian President Vladimir) Putin and his allies instrumentalize migrants to test our defenses and to try to destabilize us,” von der Leyen told officials.
“Now Putin is focusing on Finland, and this is no doubt in response to your firm support of Ukraine and your accession to NATO.”
Von der Leyen and Orpo flew in a Finnish helicopter over the landscape of forests and towns on the border.
Von der Leyen is campaigning as a conservative European People’s Party bloc member for a second term in office as head of the EU’s powerful executive branch.
Security is a top EPP theme before the June 6-9 European Parliament elections.
Most of the migrants hail from the Middle East and Africa.
Most of them have sought asylum in Finland, a member of the EU and NATO with a population of 5.6 million.
Finland joined NATO in April 2023, ending decades of neutrality after the country’s defeat by the Soviet Union in the Second World War.
In March, Sweden also became a member of the trans-Atlantic alliance.
The move dealt a major blow to Putin, with a historic realignment of Europe’s post-Cold War security landscape triggered by Moscow’s offensive against Ukraine.