Design principles for the global plastics treaty’s financial mechanism
An effective and just Financial Mechanism will be crucial to the success of the Global Plastic Treaty. The content in the latest Chair’s Text from INC-5.1 on finance (primarily in Article 11) could be strengthened to avoid replicating shortcomings in existing financing models, which have often been...
Saved in:
| Main Authors: | , , , , , , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Cambridge University Press
2025-01-01
|
| Series: | Cambridge Prisms: Plastics |
| Subjects: | |
| Online Access: | https://www.cambridge.org/core/product/identifier/S2755094X25100254/type/journal_article |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| _version_ | 1849391731308494848 |
|---|---|
| author | Noreen Christina O’Meara Natalia de Miranda Grilli Sangcheol Moon Kala Senathirajah Ed Cook Joseph Alegado Andrea Bonisoli-Alquati Mengjiao Wang |
| author_facet | Noreen Christina O’Meara Natalia de Miranda Grilli Sangcheol Moon Kala Senathirajah Ed Cook Joseph Alegado Andrea Bonisoli-Alquati Mengjiao Wang |
| author_sort | Noreen Christina O’Meara |
| collection | DOAJ |
| description | An effective and just Financial Mechanism will be crucial to the success of the Global Plastic Treaty. The content in the latest Chair’s Text from INC-5.1 on finance (primarily in Article 11) could be strengthened to avoid replicating shortcomings in existing financing models, which have often been insufficient and have not always provided the necessary resources for global sustainable development. Experiences with climate finance mechanisms reveal a pattern of misdesign that needs to be addressed. The current Article 11 reflects the deep divisions evident in the two main proposals tabled at INC-5.1 in November 2024. In the light of past precedents and tensions, we argue that several core design principles related to scope, scale and social and health considerations could ensure that the Global Plastics Treaty’s Financial Mechanism supports just, ambitious and transformative global action on plastic pollution. Furthermore, we argue that several elements in the current treaty text may undermine the design and implementation of an effective and just Financial Mechanism for the future Global Plastics Treaty. These risks include overemphasizing waste management; missing connections between finance and other measures in the treaty; risks of not addressing the most effective responses; not adequately addressing plastic leakage, releases and emissions; sustaining financial investments in techno-economic lock-ins lacking sufficient safety and sustainability criteria, standards and monitoring requirements and the prospect of plastic credits, which risks repeating past false solutions. There is an opportunity for the treaty to overcome these challenges with a financial mechanism that addresses overproduction and incentivizes safer, more sustainable, accessible and cost-effective upstream solutions. |
| format | Article |
| id | doaj-art-37dea7c7236e4e38b7224de5b8965038 |
| institution | Kabale University |
| issn | 2755-094X |
| language | English |
| publishDate | 2025-01-01 |
| publisher | Cambridge University Press |
| record_format | Article |
| series | Cambridge Prisms: Plastics |
| spelling | doaj-art-37dea7c7236e4e38b7224de5b89650382025-08-20T03:40:58ZengCambridge University PressCambridge Prisms: Plastics2755-094X2025-01-01310.1017/plc.2025.10025Design principles for the global plastics treaty’s financial mechanismNoreen Christina O’Meara0https://orcid.org/0000-0002-0214-5305Natalia de Miranda Grilli1https://orcid.org/0000-0002-6634-3992Sangcheol Moon2https://orcid.org/0009-0000-5925-5903Kala Senathirajah3https://orcid.org/0000-0001-9371-1124Ed Cook4https://orcid.org/0000-0003-3902-7705Joseph Alegado5https://orcid.org/0000-0003-0600-4945Andrea Bonisoli-Alquati6https://orcid.org/0000-0002-9255-7556Mengjiao Wang7https://orcid.org/0000-0003-2118-9124UCC School of Law, https://ror.org/03265fv13University College Cork, Cork, IrelandSchool of Social Sciences, https://ror.org/01nfmeh72University of Tasmania, Hobart, Australia Centre for Marine Socioecology, https://ror.org/01nfmeh72University of Tasmania, Hobart, AustraliaDepartment of Environmental Science, Policy, and Management, https://ror.org/01an7q238University of California, Berkeley; Berkeley, CA, USAEnvironmental and Plastics Innovation Cluster (EPIC), Global Innovative Centre for Advanced Nanomaterials (GICAN), College of Engineering, Science and Environment, https://ror.org/00eae9z71The University of Newcastle, Callaghan, NSW, AustraliaSchool of Civil Engineering, https://ror.org/024mrxd33 University of Leeds , Leeds, UKDepartment of Resources, Environment, & Development, Crawford School of Public Policy, https://ror.org/019wvm592The Australian National University, Canberra, AustraliaDepartment of Biological Sciences, https://ror.org/05by5hm18California State Polytechnic University – Pomona, Pomona, CA, USAGreenpeace Research Laboratories, BiSciences, https://ror.org/03yghzc09 University of Exeter , Exeter, UKAn effective and just Financial Mechanism will be crucial to the success of the Global Plastic Treaty. The content in the latest Chair’s Text from INC-5.1 on finance (primarily in Article 11) could be strengthened to avoid replicating shortcomings in existing financing models, which have often been insufficient and have not always provided the necessary resources for global sustainable development. Experiences with climate finance mechanisms reveal a pattern of misdesign that needs to be addressed. The current Article 11 reflects the deep divisions evident in the two main proposals tabled at INC-5.1 in November 2024. In the light of past precedents and tensions, we argue that several core design principles related to scope, scale and social and health considerations could ensure that the Global Plastics Treaty’s Financial Mechanism supports just, ambitious and transformative global action on plastic pollution. Furthermore, we argue that several elements in the current treaty text may undermine the design and implementation of an effective and just Financial Mechanism for the future Global Plastics Treaty. These risks include overemphasizing waste management; missing connections between finance and other measures in the treaty; risks of not addressing the most effective responses; not adequately addressing plastic leakage, releases and emissions; sustaining financial investments in techno-economic lock-ins lacking sufficient safety and sustainability criteria, standards and monitoring requirements and the prospect of plastic credits, which risks repeating past false solutions. There is an opportunity for the treaty to overcome these challenges with a financial mechanism that addresses overproduction and incentivizes safer, more sustainable, accessible and cost-effective upstream solutions.https://www.cambridge.org/core/product/identifier/S2755094X25100254/type/journal_articlesustainable financingplastics pollutionplastic marine pollutionlawpolicy and governance |
| spellingShingle | Noreen Christina O’Meara Natalia de Miranda Grilli Sangcheol Moon Kala Senathirajah Ed Cook Joseph Alegado Andrea Bonisoli-Alquati Mengjiao Wang Design principles for the global plastics treaty’s financial mechanism Cambridge Prisms: Plastics sustainable financing plastics pollution plastic marine pollution law policy and governance |
| title | Design principles for the global plastics treaty’s financial mechanism |
| title_full | Design principles for the global plastics treaty’s financial mechanism |
| title_fullStr | Design principles for the global plastics treaty’s financial mechanism |
| title_full_unstemmed | Design principles for the global plastics treaty’s financial mechanism |
| title_short | Design principles for the global plastics treaty’s financial mechanism |
| title_sort | design principles for the global plastics treaty s financial mechanism |
| topic | sustainable financing plastics pollution plastic marine pollution law policy and governance |
| url | https://www.cambridge.org/core/product/identifier/S2755094X25100254/type/journal_article |
| work_keys_str_mv | AT noreenchristinaomeara designprinciplesfortheglobalplasticstreatysfinancialmechanism AT nataliademirandagrilli designprinciplesfortheglobalplasticstreatysfinancialmechanism AT sangcheolmoon designprinciplesfortheglobalplasticstreatysfinancialmechanism AT kalasenathirajah designprinciplesfortheglobalplasticstreatysfinancialmechanism AT edcook designprinciplesfortheglobalplasticstreatysfinancialmechanism AT josephalegado designprinciplesfortheglobalplasticstreatysfinancialmechanism AT andreabonisolialquati designprinciplesfortheglobalplasticstreatysfinancialmechanism AT mengjiaowang designprinciplesfortheglobalplasticstreatysfinancialmechanism |