Navigating Global Environmental Milestones: INC-5, COP-29, and the Path Forward at the European Bioplastics Conference - Shall we!
The recently concluded COP29 in Baku, Azerbaijan, has reignited the global climate community's determination to combat the pressing challenges of climate change, trying to offer a more precise and transparent actionable roadmap. The conference emphasised critical themes such as equitable climate finance, ambitious national climate commitments, climate justice, and a standout focus on fossil fuel subsidy reform - an essential step toward aligning economic incentives with sustainability goals.
The Coalition on Phasing Out Fossil Fuel Incentives Including Subsidies (COFFIS): An Alternative Option
In addition to the New Collective Quantified Goal (NCQG, a key element of the Paris Agreement, designed to set a new financial target to support developing countries in their climate actions post-2025), COFFIS offers an alternative pathway. At COP29, the UK, New Zealand, and Colombia joined COFFIS, a Dutch-led coalition aimed at removing barriers and facilitating transparency in phasing out fossil fuel subsidies.
Discussions on subsidy phase-out often highlight the misallocation of public funds, as these subsidies could instead be redirected to social services, economic diversification or green technologies!
The ultimate goal is to drive behavioural and market changes that reduce fossil fuel dependence, foster renewable energy adoption, and mitigate climate impacts.
The effectiveness of annual COPs is increasingly being called into question. The procedural inefficiencies and deep-seated divides highlighted at COP29 have intensified debates about the framework’s ability to drive transformative action. While abandoning the COP process could jeopardize decades of progress, it’s clear that meaningful reforms are needed to keep these summits relevant and impactful in the fight against the climate crisis. But is the process still fit for purpose?
In the meantime, in Busan, Republic of Korea, the fifth session of the Intergovernmental Negotiating Committee was opened to develop an internationally legally binding instrument on plastic pollution, including in the marine environment (INC-5). This pivotal meeting aimed to craft a global, legally binding treaty to combat this out-of-control plastic pollution challenge. The event took place hours after the chaotic end of the COP29 climate talks, which just agreed to boost climate funding that developing countries slammed as insufficient.
Despite the dedicated efforts of the INC Chair and government negotiators, the global plastics treaty will not reach a final agreement in Busan as originally planned.
As the INC5.2 session resumes, governments stand at a crossroads. They can choose to continue crafting a treaty that seeks universal consensus but delivers minimal change, or they can take bold action by endorsing strong global rules that address the entire plastics lifecycle, backed by a solid financing mechanism. This path reflects the overwhelming call from governments, businesses, and citizens for meaningful solutions.
As members of The Business Coalition for a Global Plastics Treaty, we strongly advocate for a unified regulatory framework that empowers businesses and drives collective action to effectively combat plastic pollution.
What Is Next?
With that said, I am looking forward to the EBC24 Side Event on the 12th of this month on Recycling Strategies for Bioplastics. We will connect with experts working on novel or improved recycling and upcycling technologies for bioplastics from academia and industrial stakeholders. The event will investigate the whole process, from the foundation (waste sorting and pretreatment, creation of value chains) to recycling technologies (from mechanical to chemical recycling and biological recycling), to upscaling and the development of new products. (our next topic?)
As we stand at the crossroads of critical global decisions on plastics pollution, climate action, and sustainable innovation, collaboration has never been more important. These milestones remind us that transformative change is within reach if we act boldly and decisively.
Angela Ivanova, CEO & Co-Founder