Finn Partners Inc.

11/25/2024 | News release | Archived content

The High Cost of Compromise

News and Insights

The High Cost of Compromise

November 25, 2024

Why the Fight Against Plastic Pollution Demands No Half Measures

Imagine if every week, you willingly swallowed a credit card. Would you ever consider cutting that card in half to make it less harmful? The very real possibility is that today, each of us may be consuming 5g of microplastic - the equivalent weight of a credit card - each week.

This is not the result of an isolated incident, but a persistent, growing crisis. Plastic pollution has infiltrated every corner of our world-from the oceans we fish to the food we eat. Microplastics have been detected in 80% of human blood samples tested, including in placenta and breast milk.

The long-term health impacts have not been determined, but early studies have linked microplastic exposure to cancer, hormone disruption, and reproductive issues. The pervasive nature of microplastics in our environment and bodies underscores the urgency of defining a realistic pathway to eliminating plastic pollution.

As governments, advocacy groups and companies gather next week in South Korea for the fifth and final round of negotiations for a global plastic pollution treaty, called INC-5, the stakes have never been higher. Our approach to plastic pollution will define the health of our environment and the future of the U.S. and global economy.

The question we must ask of global leaders and negotiators at INC-5 is simple: are we all willing to accept a modest cut in plastic pollution - a beach with only half as much trash or only half a credit card of plastic in our bodies - or is this the time to score a reasonable, attainable climate and health win by pushing for a higher elimination target?

Beyond the staggering health impacts, the presence of microplastics poses a serious economic threat as well. The global economic toll of marine plastic pollution alone is staggering, costing up to $2.5 trillion annually due to the loss of ecosystem services such as fisheries, tourism, and biodiversity. This figure underscores the profound economic damage caused by marine plastic pollution alone.

And just as in matters of economic prosperity, the effects of pollution are not distributed equally around the world. For example, low and middle-income countries, particularly in Africa and Southeast Asia, are poised to drive global GDP growth by 2050. However, these regions are also among the hardest hit by plastic pollution, which severely impacts public health and economic development.

Even mature economies are not immune from the financial drain of plastic pollution. In the U.S., local governments face rising costs to manage plastic waste, with an estimated burden of billions annually due to inadequate recycling systems and environmental cleanup efforts. Investing in sustainable plastic reduction strategies in these areas not only helps protect vulnerable populations but also opens up new markets for U.S. businesses, positioning America as a leader in global economic development.

The source of this pollution is not a mystery but the common adversary to sustainability efforts everywhere - fossil fuels. Over 99% of plastics are derived from fossil fuels, directly linking plastic production to volatile global oil markets. In addition to environmental damage, our dependency on fossil fuels poses significant risks to national security as fluctuations in oil supply can disrupt economic stability and amplify geopolitical tensions.

These implications have been on the radar of policy makers for some time and current initiatives aim to diminish such a crutch. Whether reducing plastic pollutions continues to be of interest under the incoming Trump administration remains to be seen, but the economic upside to moving to a circular economy based on renewable plastics should be appealing.

Here's why: When the presence of plastic pollution across sectors is eliminated, the benefits follow. Businesses that have embraced sustainability are already seeing higher profit margins compared to their less eco-conscious competitors. Meanwhile, current U.S. government efforts to tackle plastic pollution emphasize the need for coordinated action across all levels of government and industry, following a stronger public-private partnership model.

Eliminating plastic pollution at the global level is a realistic, attainable goal, if we have the political courage and organization to commit all nations to practical steps that deliver equitable results. As a first step, progress at INC-5 would mean moving away from policies and economic incentives that promote single use plastics and pollution that seeps into our bodies. Instead, let's aim for a future where plastics are reduced, recycled and reused.

POSTED BY: Richard Hatzfeld