Big brands defend global pact to cut plastic production

International brands such as Coca-Cola and PepsiCo on Monday defended a global pact to fight plastic pollution that includes production cuts, which could potentially affect the oil industry, which has the sector as one of its main customers. .

World officials will gather at a United Nations Environment Assembly (UNEA 5.2) conference this year to negotiate on a treaty against plastic waste that is ravaging oceans and killing wildlife.

It is not yet clear whether any agreement will focus on waste management and recycling or whether tougher measures will be taken, such as curbing plastic production, a measure that would likely face resistance from major oil and chemical companies and major producing countries. plastic like the United States.

The more than 70 signatories to the joint statement released on Monday include consumer goods companies like Unilever and Nestlé, which sell a plethora of single-use plastic products, as well as retailer Walmart and French bank BNP Paribas.

“We are at a critical juncture to establish an ambitious UN treaty,” the parties said in the signed document, noting that any agreement must “reduce the production and use of virgin plastic.”

“UNEA 5.2 is the defining and most important moment to turn the tide in the global crisis created by plastic pollution. We cannot miss that,” the statement said.

Less than 10% of all plastic ever produced has been recycled, and a Reuters report last year showed that new recycling technologies promoted by the plastics industry have struggled to combat the problem.

Meanwhile, plastic production is expected to double in 20 years. This is an important source of future revenue for major oil and gas companies as demand for fossil fuels declines with increased use of renewable energy and electric vehicles.