Geneva: In a significant move to address the escalating global plastic pollution crisis, the World Bank Group is actively contributing to the development of an International Legally Binding Instrument (ILBI) on plastic pollution. This initiative was initiated following the historic adoption of resolution 5/14 at the United Nations Environment Assembly in March 2022. The Intergovernmental Negotiating Committee (INC), responsible for formulating the content of the ILBI, has conducted five sessions and aims to finalize the instrument by the end of 2024. The upcoming INC 5.2 session is scheduled for August 2025 in Geneva, Switzerland.
According to World Bank, the organization is committed to supporting over 60 countries in their efforts to combat plastic pollution by adopting a lifecycle approach. The World Bank Group assists nations in transitioning to a circular economy and provides expertise and policy advice across various sectors, including tourism, clean energy, agriculture, and transportation. Their initiatives include investing in data collection on marine plastics, utilizing innovative methods like drone surveys and field assessments to track plastic pathways in countries such as Cambodia, Philippines, Laos, and Vietnam.
The World Bank has developed several analytical tools to support policymaking, such as the Plastic Policy Simulator tool and the Plastic Substitution Tradeoff Estimator (PSTE) tool. These tools aid in evaluating the impacts of different policy instruments and the trade-offs of replacing conventional plastics with alternatives. Additionally, the PLASTInvest tool, developed in collaboration with partners, identifies priority investment opportunities to promote plastic circularity.
The World Bank is also instrumental in supporting national plastics action plans and circular economy strategies. They have aided countries like Vietnam, Thailand, and the Philippines in implementing National Action Plans, while in Mozambique and Malaysia, they have assessed circular economy opportunities. In Bangladesh, the World Bank assisted in developing a plastics lifecycle assessment and a roadmap to reduce marine plastics.
Furthermore, the World Bank is mobilizing finance for both the public and private sectors to address plastic pollution. Investments are being made in solid waste management, agriculture, fisheries, tourism, and river basin projects. Through IFC, the World Bank Group is expanding investments in the waste management and recycling industry, exemplified by a US$33 million investment in a Mexican recycling facility.
The World Bank Group is leveraging its partnerships to enhance its impact in the plastics sector. Collaborations with organizations such as ALDFG and Regional Collaboration aim to align with the pace set by Member States and deliver effective outcomes. The organization remains committed to assisting countries in implementing the ILBI, building evidence bases, and providing targeted support for policy and investment decisions. With a focus on regional solutions, the World Bank is exploring new programs in areas such as West Africa, building on existing projects in Southeast Asia and South Asia.