The United Nations Conference on Trade and Development (UNCTAD) revealed alarming new data showing global plastic production reached 436 million metric tons in 2023, valued at over $1.1 trillion in trade. With 75% of all plastics ever produced now polluting ecosystems – primarily oceans – the UN agency is urging immediate action as final negotiations for a binding international treaty begin next week in Geneva.
The report highlights stark market imbalances discouraging sustainable alternatives. While plastic products benefit from artificially low tariffs (averaging 7.2%), eco-friendly substitutes like bamboo and seaweed face 14.4% duties. This disparity, combined with fragmented regulations across 98% fossil fuel-derived plastics, creates barriers for developing nations advancing greener solutions. UNCTAD advocates for tariff reforms, circular economy investments, and digital tracking systems to be included in the treaty.
Small island nations face disproportionate impacts, with marine plastic waste threatening both ecosystems and food security. The proposed treaty would govern plastics’ entire lifecycle – from production to disposal – marking the first comprehensive framework addressing what UNCTAD calls the “triple planetary crisis” of pollution, biodiversity loss and climate change. Successful implementation could reshape global trade flows toward $485 billion worth of sustainable alternatives already growing at 5.6% annually in developing economies.
