Geneva: In a landmark effort to combat the escalating global plastic pollution crisis, the World Bank Group is intensifying its initiatives in alignment with the Intergovernmental Negotiating Committee’s (INC) process to develop an International Legally Binding Instrument (ILBI) on plastic pollution. This initiative, launched at the United Nations Environment Assembly (UNEA-5.2) in March 2022, aims to establish comprehensive solutions that address the entire lifecycle of plastics, with the goal of finalizing the instrument by the end of 2024.
According to World Bank, the organization is leveraging its global presence to support plastic pollution prevention efforts in over 60 countries. By transitioning countries to a circular economy, the World Bank Group provides technical expertise and policy advice across sectors such as tourism, clean energy, agriculture, and transportation. The organization is actively investing in data collection on marine plastics, utilizing innovative methods like drone surveys in regions such as Cambodia, Philippines, Laos, and Vietnam to track plastic pathways and identify pollution hotspots.
The World Bank Group has also developed analytical tools to support policymaking, including the Plastic Policy Simulator tool and the Plastic Substitution Tradeoff Estimator (PSTE). These tools assist countries in understanding the impacts of various policy instruments and evaluating the trade-offs of replacing conventional plastics with alternatives. Additionally, the PLASTInvest tool identifies investment opportunities to advance plastic circularity, facilitating improved decision-making.
Furthermore, the World Bank Group aids in the development of national plastics action plans and circular economy strategies in countries like Vietnam, Thailand, and the Philippines. These initiatives aim to expedite the transition to a circular economy by identifying regulatory reforms and improving waste management practices. The organization also mobilizes finance for both public and private sectors, supporting investments in solid waste management, agriculture, and other sectors with a focus on plastic management.
Through its strong convening power, the World Bank Group collaborates with partners, including the International Finance Corporation (IFC), to unlock impactful outcomes in the plastics space. The organization is committed to assisting countries in implementing the ILBI by building evidence bases, providing tailored policy support, and facilitating investments. Regional programs in Southeast Asia and South Asia serve as models for new initiatives being explored in West Africa, emphasizing the importance of regional solutions to address the transboundary nature of plastic pollution.