Finance firms urge ambitious action on plastic pollution

Protesters dress as the G7 leaders, including (L-R) Italian Prime Minister Giorgia Meloni, US President Joe Biden, Japanese Prime Minister Fumio Kishida, British Prime Minister Rishi Sunak, German Chancellor Olaf Scholz, French President Emmanuel Macron and Canadian Prime Minister Justin Trudeau, call for the G7 and World Bank to fund debt relief and climate finance through the International Development Association (IDA), outside of the World Bank Headquarters during the IMF - World Bank Spring Meetings in Washington, DC, April 17, 2024. (AFP)
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Updated 19 April 2024
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Finance firms urge ambitious action on plastic pollution

  • 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

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.

 


Cambodia says Thailand bombs casino hub on border

Updated 18 December 2025
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Cambodia says Thailand bombs casino hub on border

  • The renewed fighting between the Southeast Asian neighbors this month has killed at least 21 people in Thailand and 17 in Cambodia, while displacing around 800,000

PHNOM PENH: Cambodia said Thailand’s military on Thursday bombed the casino town of Poipet, a major crossing between the two nations, as foreign powers pressured them to halt reignited border clashes.
Thai forces “dropped two bombs in the area of Poipet Municipality, Banteay Meanchey Province” at around 11:00 am (0400 GMT) Thursday, the Cambodian defense ministry said in a statement.
Thailand has not yet confirmed any strike on Poipet — a bustling casino hub popular with Thai gamblers.
The renewed fighting between the Southeast Asian neighbors this month has killed at least 21 people in Thailand and 17 in Cambodia, while displacing around 800,000, officials said.
The conflict stems from a territorial dispute over the colonial-era demarcation of their 800-kilometer (500-mile) border and a smattering of ancient temple ruins situated on the frontier.
Each side has blamed the other for instigating the fresh fighting and traded accusations of attacks on civilians.
Thailand said Tuesday that between 5,000 and 6,000 Thai nationals remained stranded in Poipet after Cambodia closed its land border crossings with its neighbor.
Cambodia’s interior ministry said the border closures were a “necessary measure” to reduce risks to civilians amid the ongoing combat, adding that air travel remained an option for those seeking to leave.
At least four casinos in Cambodia have been damaged by Thai strikes, the interior ministry said this week.
- ‘Shuttle-diplomacy’ -
Five days of fighting between Cambodia and Thailand in July killed dozens of people before a truce was brokered by the United States, China and Malaysia, and then broken within months.
US President Donald Trump, who has repeatedly intervened in the long-standing conflict this year, claimed last week that the two countries had agreed to a new ceasefire.
But Bangkok denied any truce had been agreed, and fighting with artillery, tanks, drones and jets has continued daily since a border skirmish earlier this month sparked the latest round of conflict.
China said it was sending its special envoy for Asian affairs to Cambodia and Thailand on Thursday for a “shuttle-diplomacy trip” to help bridge the gaps and “rebuild peace.”
“Through its own way, China has been working actively for deescalation,” Beijing’s foreign ministry said in a statement late Wednesday.
Foreign ministers from ASEAN regional bloc nations are due to meet on Monday in Malaysia for emergency talks aimed at finding a diplomatic solution.
“Our duty is to present the facts but more important is to press upon them that it is imperative for them to secure peace,” Malaysian Prime Minister Anwar Ibrahim told journalists late Wednesday.
“We are appealing to them to immediately stop this frontline offensive and if possible, an immediate ceasefire,” Anwar said at his official residence in Putrajaya, adding that he was “cautiously optimistic” about the talks.
European Commission vice president Kaja Kallas said in a statement that she had spoken with the foreign ministers of Cambodia and Thailand on Wednesday, offering the European Union’s support for ceasefire monitoring with satellite imagery.
“The conflict between Thailand and Cambodia must not be allowed to spiral further. That’s why the ceasefire needs to be immediately restored,” Kallas said.