Global Plastics Treaty and a Call from Companies to Governments

The International Negotiating Committee (INC), led by CDP, is a committee that conducts negotiations through delegates sent by governments to draft and eventually sign the Global Plastics Treaty.

In November 2023, a delegation from CDP traveled to Nairobi, Kenya, for the third negotiation session (INC-3) of the Global Plastics Treaty. At the start of the session, delegates were eager to make progress on the draft text released in September and to agree on an official first draft. However, the INC-3 negotiations concluded without reaching an agreement on a first draft, leaving only a revised version of the text. The session also ended without committing to interim work, postponing the activities planned under INC-3 to INC-4.

CDP Calls on Parties and the Private Sector to Advocate for Mandatory Corporate Plastic Reporting

CDP participated in INC-3 to promote the inclusion of mandatory corporate reporting on plastics in the Global Plastics Treaty, with the aim of making corporate transparency a fundamental principle of the treaty. This advocacy includes mandatory reporting on company activities, plastic pollution, and related sustainable finance practices by parties, including the financial sector. This will maximize corporate transparency and provide investors with the necessary data to finance activities deemed appropriate under the treaty.

Addressing the Data Gap on Plastics for Mobilizing Financing to Support the Treaty

As with any international agreement, financing was a significant point of discussion during the negotiations. Private financing was highlighted by some negotiators as a crucial source of capital to fund the treaty's objectives. Financial institutions from around the world expressed their concerns about plastic pollution and their willingness to support efforts to combat the issue by redirecting funds. Ahead of INC-3, 49 financial institutions managing over $3.5 trillion in assets sent an open letter to governments, urging them to mandate corporate reporting under the treaty to provide the urgently needed data for facilitating these changes in financial flows.

On December 28, the INC Secretariat released a revised draft text for the Global Plastics Treaty. Before INC-4, CDP's Plastics Reporting Scaling team will analyze the revised draft and prepare recommendations for the April session. For many, the revised draft did not meet the expectations set at INC-3.

It is crucial that governments come well-prepared for negotiations in April to draft a coherent text and that they engage in informal work over the next three months. As INC-4 approaches, CDP will continue to engage with governments, financial institutions, and companies to prepare for the next round of negotiations. With much ground still to cover, negotiators must accelerate their efforts and demonstrate determination to have a strong and ambitious Global Plastics Treaty ready for signing by the end of 2024.

To this end, CDP is calling on companies to sign an open letter urging governments to take action. This initiative aims to send a strong signal to policymakers and the global community about the importance of corporate reporting and action in combating the plastics crisis. By signing, companies express their wholehearted support for including mandatory corporate reporting on comprehensive plastics data in the Global Plastics Treaty. You can visit the link to sign. The deadline for signing the open letter is March 22, and the full list of signatory companies will be announced after this date.

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