Geneva: In a significant stride towards addressing global plastic pollution, the World Bank Group is actively contributing to the development of an International Legally Binding Instrument (ILBI) on plastic pollution. This initiative emanates from a historic resolution adopted in March 2022 during the United Nations Environment Assembly (UNEA-5.2). The resolution aims to create a comprehensive framework to tackle plastic pollution throughout its life cycle, with an Intergovernmental Negotiating Committee (INC) meeting multiple times to finalize the ILBI by the end of 2024.
According to World Bank, the organization is supporting plastic pollution prevention initiatives in over 60 countries, helping them transition to a circular economy. The World Bank Group is providing technical expertise and policy advice across various sectors, including tourism, clean energy, agriculture, and transportation. They are investing in research to track plastic pollution from land to coastal waters, employing innovative methods such as drone surveys and field assessments.
The World Bank has developed analytical tools like the Plastic Policy Simulator, Plastic Substitution Tradeoff Estimator, and PLASTInvest to aid in policy-making. These tools help countries understand the impacts of different policies, evaluate trade-offs of replacing conventional plastics, and identify investment opportunities in plastic circularity. National action plans and roadmaps to phase out single-use plastics are being supported in countries like Vietnam, Thailand, and the Philippines.
The World Bank is also mobilizing finance for both public and private sectors. Investments are being made in solid waste management, agriculture, and other sectors. For instance, the International Finance Corporation (IFC) has invested $33 million in a recycling facility in Mexico. The World Bank’s convening power is also being leveraged to form partnerships with agencies and organizations to deliver impactful outcomes.
As the ILBI moves towards finalization, the World Bank Group intends to assist countries in complying with the instrument by helping build evidence bases, provide targeted support for policy and investment decisions, and facilitate investments for both governments and the private sector. The World Bank is exploring regional programs to address the transboundary nature of plastic pollution, including projects in Southeast and South Asia and potential new programs in West Africa.