<\/p>\n
Morgan Stanley no longer has an explicit financing goal to tackle plastic pollution, as the Wall Street bank quietly shelves an earlier target.<\/p>\n
In its latest ESG report, Morgan Stanley omits an earlier pledge to facilitate the prevention, removal or reduction of 50 million tonnes of plastic waste from the environment by 2030. A web page with details that once outlined the firm\u2019s commitment on plastics now says \u201cwe couldn\u2019t find your page.\u201d<\/p>\n
A spokesperson for Morgan Stanley said plastic waste \u201cremains a sustainability focus.\u201d The firm\u2019s change in plastics reporting was linked to challenges with \u201cthe quality of data needed to meet our disclosure standards,\u201d the spokesperson said.<\/p>\n
Morgan Stanley will \u201cno longer track financing activities related to plastic waste as a standalone goal,\u201d the bank said. \u201cWe continue to work with clients and partners to finance solutions across the plastic value chain as part of our commitment to mobilise US$1 trillion in sustainable finance by 2030.\u201d<\/p>\n
The bank\u2019s previously published target on plastics dates back to April 2019, and was accompanied at the time by ads splashed across screens at its Times Square headquarters. Since then, Wall Street has tempered its enthusiasm towards environmental, social and governance strategies against a backdrop of higher interest rates, energy-supply concerns and a fraught US political debate.<\/p>\n
On Sep 20, 2021, Morgan Stanley its plastic targets in connection with that year\u2019s climate week.<\/p>\n
James Gorman, who was chief executive officer of Morgan Stanley when the bank released its plastics target, had praised the decision to become the first among peers to take such a step. Audrey Choi, Morgan Stanley\u2019s chief sustainability officer at the time, said back then that addressing the plastics problem represented a \u201cvery significant investment area.\u201d<\/p>\n
Morgan Stanley helped arrange a US$705 million green bond in 2020 for Coca-Cola Femsa, with proceeds earmarked for helping meet its plastics commitments. A similar deal for a US$1.25 billion bond was struck for PepsiCo in 2022.<\/p>\n
By the end of 2022, Morgan Stanley\u2019s plastics policy had supported the prevention, removal or reduction of almost 14 million tonnes of plastic waste from entering the environment and landfills, according to a company statement issued last year.<\/p>\n
Plastic pollution has developed into a global \u201cepidemic\u201d with plastic waste at twice the level it was two decades ago and only a small fraction getting recycled, according to the Organisation for Economic Co-operation and Development. About 11 million tonnes of plastic waste end up in lakes, rivers and oceans each year, a figure that\u2019s set to almost triple by 2040, the United Nations Environment Programme estimates.<\/p>\n
Efforts are currently underway to secure a legally binding UN-backed treaty to address plastic pollution by the end of 2024. Some jurisdictions, such as the European Union, have already introduced legislation to curb plastic use and enforce recycling.<\/p>\n
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