Will we ever have a global plastics treaty?

Global negotiations to secure the world’s first treaty to end plastic pollution have collapsed once again. The latest round, known as INC-5.2, took place in Geneva with more than 180 countries represented. The talks aimed to finalise a legally binding agreement to tackle plastics across their full lifecycle, from design to disposal.

But deep divisions remain. Around 100 nations, including the UK and the countries of the EU, pushed for limits on plastic production, while oil-producing states such as Saudi Arabia and Russia argued the focus should be on recycling and waste management instead. The stalemate meant no consensus could be reached, despite days of negotiations running late into the night.

Companies including Unilever have expressed their disappointment with the result. NGOs such as Greenpeace say the failure reflects fossil fuel interests blocking stronger commitments, while researchers warn recycling alone will not solve the problem – according to the OECD, only around 10% of the world’s plastic is recycled. The UN has not set a new date for further talks, but leaders insist a treaty is still essential as global plastic waste is set to nearly double by 2060.

The fashion industry’s carbon footprint is climbing again. The Apparel Impact Institute’s 2024 Annual Impact Report shows that apparel sector emissions grew by 7.5% in 2023, reaching 944m tonnes. That’s nearly 2% of global emissions and marks the first year-on-year rise since the institute began tracking progress in 2019, putting the industry further from its target of halving emissions by 2030.

The increase was driven by overproduction, particularly from ultra-fast fashion, and a growing reliance on virgin polyester, which now accounts for 57% of all fibre production while recycled alternatives remain underused. Despite this overall rise, the report highlights progress among both brands and manufacturers.  The multinational fast fashion brand H&M has cut its scope 3 emissions by 23% since 2019, while Fast Retailing, Puma, and Inditex also reported reductions. On the supplier side, companies such as Artistic Milliners and Elevate Textiles have all invested heavily in renewable energy and achieved measurable emissions cuts.

The Apparel Impact Institute described the findings as a stark reminder of how far the sector has to go, while calling for urgent action to scale sustainable materials, renewable energy, efficiency and coal phase-out.

A new report highlights water insecurity as one of the defining financial and economic risks of the coming decades. The report, by the NGO FAIRR Initiative, explains that the agri-food sector, which both consumes large amounts of freshwater and relies heavily on it, is increasingly exposed to operational, regulatory, and reputational risks from unsustainable water use.

The analysis warns that water stress could raise operating costs, disrupt supply chains, and create stranded assets, particularly in livestock production, ultimately reducing shareholder returns and increasing the cost of capital. 

The report also notes that companies taking a proactive approach to water resilience could see that reflected positively in their valuations. However, disclosure gaps, insufficient data, and a lack of comparable company metrics make it challenging for investors to fully assess exposure and track progress. FAIRR calls on investors to engage companies, monitor water use across supply chains, and push for water-resilient business models.

A recent Wall Street Journal report highlights how the United States could strengthen its supply of critical minerals.

The US currently remains fully reliant on foreign sources for 12 critical minerals and over 50% dependent on imports for nearly 30 more. According to the report, this dependency poses serious risks to both national security and economic competitiveness.

In response, the Trump administration created the National Energy Dominance Council to coordinate a national strategy. As the Wall Street Journal reports, this council is tasked with streamlining regulations, encouraging private sector investment, and aligning federal agencies behind a cohesive minerals policy.

The proposed action plan focuses on three priorities: revitalising US domestic mining and processing, expanding access through international partnerships, and improving transparency across global mineral markets to mitigate the risk of disruptions.

The Wall Street Journal argues that with the right strategy and accountability framework, the US could shift from being largely dependent on opaque global supply chains to becoming a more self-reliant and competitive player in the critical minerals sector.