As part of a strong and ambitious CSR strategy, Ostrum Asset Management is lending its support to a collaborative commitment on the issue of plastic initiated by the PRI, Finance for Biodiversity Foundation, UNEP FI, Business Coalition for a Global Plastics Treaty, and the CDP.
Plastic poses a threat to ecosystems, human health, and the climate: over 350 million tons of plastic waste are generated annually worldwide. This figure has doubled in the past 20 years and is expected to triple by 2060, according to OECD estimates, reaching 1.2 billion tons of waste.
The action taken by the financial sector could play a significant role in combating the root causes of this pollution, drawing on agreed international frameworks such as the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework.
This collaborative commitment, "Statement from the private financial sector to the member states negotiating the international legally binding instrument (ILBI) to end plastic pollution", has been endorsed by 160 financial institutions and represents over $15.5 trillion USD in assets.
It comes in the context of international negotiations under the auspices of the United Nations program (involving 175 delegations) aimed at reaching a binding agreement by the end of 2024 covering the entire life cycle of plastic, from petroleum extraction to recycling. We urge governments to agree on an ILBI (International Legally Binding Instrument).
Indeed, a binding agreement would have consequences for businesses, both in terms of production (e.g., fleece fabrics release numerous dangerous plastic nanoparticles into the water with each wash) and in terms of packaging or end-of-life product management.
By signing this commitment, Ostrum AM continues its commitment to one of its three priority action areas: climate, biodiversity, and health.