Multisectoral Financing Needed for Chemicals and Waste Management, Say Experts
Financial considerations for chemicals and waste management were the subject of a webinar convened by the Inter-Organization Programme for the Sound Management of Chemicals (IOMC). Presentations and discussions affirmed the need for a multi-sectoral approach to address financing in the Beyond 2020 framework on chemicals and waste management.
The webinar on 29 April 2021 was moderated by Kevin Keen, World Bank. It included presentations from the Secretariat of the Strategic Approach to International Chemicals Management (SAICM), the UN Environment Programme (UNEP), the UN Development Programme (UNDP), and the World Bank.
In sessions on dedicated external financing, the private sector, and mainstreaming, participants stressed that existing subsidies for environmentally harmful substances, such as fertilizers and pesticides, can be detrimental for the sound chemicals and waste management. While some subsidies aim to alleviate poverty and ensure food security, they can also have adverse health, economic, equity, and environmental impacts.
The World Bank’s presentation focused on investments, green bonds and PROCLEAN, a new partnership among development partners, client countries, and the World Bank to help countries achieve the SDGs and improve public and environmental health outcomes through circular economy and pollution prevention and abatement interventions.
The discussions highlighted that investors are increasingly focused on environmental, social, and governance issues in investment decisions. Currently, around USD 103.3 trillion in assets are being managed by 3,038 signatories to the UN Principles for Responsible Investment.
The webinar also focused on:
- sustainability bonds, in which proceeds are exclusively applied to financing or refinancing eligible green funds activities;
- pollution prevention as an eligible green bond activity category; and
- the World Bank’s issuance of loans to strengthen regulatory frameworks and investment loans for sustainable chemical management.
The webinar was the fourth in a series in support of the process for the sound management of chemicals and waste beyond 2020, which is currently discussing financial considerations for the new instrument. The series took place with support from the Government of Germany.
Additional sessions covered: leveraging green and sustainable chemistry for the sound management of chemicals and waste beyond 2020; illegal trade and traffic of industrial chemicals, pesticides and waste for sound management of chemicals and waste beyond 2020; and chemical accidents, preparedness and response. [Webinar Report] [Webinar Series]