Geneva: In a significant development, the World Bank Group (WBG) has taken substantial steps to address global plastic pollution, aligning with the ongoing efforts of the Intergovernmental Negotiating Committee (INC) to develop an International Legally Binding Instrument (ILBI) on plastic pollution. The INC has been tasked with formulating the specific content of the ILBI by the end of 2024, with its second session scheduled in Geneva in August 2025. This initiative aims to combat plastic pollution comprehensively by addressing the entire lifecycle of plastics.
According to World Bank, the organization is actively supporting plastic pollution prevention initiatives in over 60 countries worldwide. The WBG's mission involves enabling countries to transition towards a circular economy while providing technical expertise and policy advice across various sectors, including tourism, clean energy, agriculture, and transportation. A key aspect of their strategy includes investments in data collection on marine plastics to identify pollution hotspots and analyze their sources and impacts.
The World Bank Group has developed several analytical tools to aid policymaking, such as the Plastic Policy Simulator tool and the Plastic Substitution Tradeoff Estimator tool. These tools are designed to evaluate the impacts of policy instruments and analyze trade-offs in replacing conventional plastics with alternatives. Additionally, the PLASTInvest tool identifies priority investment opportunities to advance plastic circularity, assisting countries in making informed decisions.
The WBG is also involved in supporting national plastics action plans and circular economy strategies across a range of countries, helping them identify fiscal and regulatory reforms necessary for improving waste management and reducing plastic usage. Efforts in countries like Vietnam, Thailand, and the Philippines to implement national action plans, and assessments in Mozambique, Malaysia, and Bangladesh, exemplify this commitment.
Furthermore, the World Bank is mobilizing finance for both public and private sectors to support projects related to solid waste management, agriculture, fisheries, tourism, and more. The International Finance Corporation (IFC), part of the World Bank Group, is investing in the private sector, particularly in waste management and recycling industries, such as a $33 million recycling facility in Mexico.
The World Bank is recognized for its convening power, fostering partnerships with organizations and agencies to align with the pace set by Member States and deliver impactful outcomes. The WBG's commitment extends to assisting countries in prioritizing and tailoring their policies to facilitate compliance with the ILBI, providing customized analytics, and supporting policy and investment decisions.
The implementation of the ILBI will necessitate national measures, and the World Bank Group is poised to provide targeted support in helping countries build an evidence base, prioritize policy and investment decisions, and explore regional solutions for the transboundary nature of plastic pollution. The organization is also exploring new regional programs in West Africa, building on existing projects in Southeast and South Asia.
