Azul Submits Treaty Language on Financing Mechanisms for Legally Binding Plastics Treaty
Financing mechanisms in the plastics treaty must be equitable and ensure financial flow from Developed Countries to Developing Countries based on public funding commitments.
The fifth session of the Intergovernmental Negotiating Committee to develop an international legally binding instrument on plastic pollution, including in the marine environment (INC-5), began on November 25, 2024, and is set to conclude on December 1, 2024, at the Busan Exhibition and Convention Center in Busan, Republic of Korea.
This fifth session of negotiations aims to conclude negotiations and finalize the text of the agreement.
As we move towards the conclusion of INC-5 and the implementation of the treaty, equitable financing mechanisms will be paramount to ensuring Parties can meet their treaty obligations, allowing the treaty to realize its full potential in implementation.
At INC-5, Azul submitted treaty language suggestions on financing mechanisms that ensure the treaty includes financial flows from Developed Countries to Developing Countries based on public funding commitments.
The language suggestions submitted by Azul Senior Policy Associate Roland Gonzalez Pizarro focus on “Article 11: Finance, Including The Establishment Of A Financial Mechanism.” The 10-point language proposal focuses on providing equitable financing mechanisms that will facilitate the implementation of the legally binding Plastics Treaty. Key elements of the language suggestions include:
• Binding obligations for resource mobilization based on polluter-pays principles
• Measure to ensure equity and support for Developing Countries
• Establishing a new fund modeled after the Global Environment Facility (GEF)
• Mandatory contributions from Developed Countries, international financial institutions, and private sector entities
• Robust transparency and accountability measures
The suggested treaty language also includes measures to ensure the Conference of the Parties (COP) governs the financing mechanisms with binding policies and guidance, and in alignment with treaty goals, which include human rights, sustainable development, and public health.