EIB endorses global pledge to cut plastic waste

The European Investment Bank  has officially endorsed the New Plastics Economy Global Commitment, an initiative led by the Ellen MacArthur Foundation, in collaboration with UN Environment.

The EIB endorsed the commitment to beat plastic pollution at the Our Ocean Conference in which took place in Bali this week

The commitment strives to eradicate plastic waste and pollution at the source and has been signed by 290 organisations including many of the world’s largest packaging producers, brands, retailers and recyclers, as well as governments and NGOs. Signatories include companies representing 20% of all plastic packaging produced globally.

Eliminating unnecessary and problematic plastics through redesign, innovation, and new delivery models is an essential part of the Global Commitment vision.

Founder of the Ellen MacArthur Foundation, Dame Ellen MacArthur, said:

“We know that cleaning up plastics from our beaches and oceans is vital, but this does not stop the tide of plastic entering the oceans each year. We need to move upstream to the source of the flow.

“The New Plastics Economy Global Commitment draws a line in the sand, with businesses, governments and others around the world uniting behind a clear vision for what we need to create a circular economy for plastic. This is just one step on what will be a challenging journey, but one which can lead to huge benefits for society, the economy and the environment.

“I encourage all businesses and governments to go further and embark on a race to the top in the creation of a circular economy for plastic. One in which this material never becomes waste or pollution.”

UN Environment Executive Director Erik Solheim described ocean plastic as one of the “most visible and disturbing examples” of a plastic pollution crisis.

The New Plastics Economy Global Commitment. It sets out the steps both businesses and governments must take in order to find a solution to the root causes of plastic pollution.

Jonathan Taylor, Vice-President, European Investment Bank (EIB) said:

“By endorsing the Ellen MacArthur Foundation’s Global Commitment the EIB expresses its support for accelerating the transition to a circular economy for plastics, where we keep plastic in the economy and out of the environment. As the largest multilateral lender, we will encourage our partners to develop solutions to reduce plastic waste generation and increase the levels of plastic reuse and recycling.”

For more information about the Global Commitment click here

For more information on the EIB’s support to the circular economy, click here