Joe Brock and John Geddie

(Reuters:) International companies such as Coca Cola (NASDAQ) and PepsiCo called Monday for a global pact against plastic pollution. This includes a reduction in plastic production. Plastic is a crucial growth sector for the oil industry.

A conference of the United Nations Environment Assembly (UNEA 5.2), will be held later in this year. It is expected that world leaders meet to discuss a deal to address the crisis caused by plastic waste.

Uncertain whether the agreement will concentrate on waste management, recycling, or taking tougher measures such as curbing new production of plastic. A move which would likely be opposed by big oil and chemical companies as well major plastic-producing states like the United States.

The more than 70 signatories to Monday’s joint statement https://www.plasticpollutiontreaty.org/UNEA include consumer goods companies like Unilever (NYSE:) and Nestle, which sell a myriad of products in single-use plastic from shampoo to chocolate bars, as well as retailer Walmart (NYSE:) and French bank BNP Paribas (OTC:).

According to the statement, “We have reached a crucial point in our history to create an ambitious U.N. traity”, noting that any deal must “reduce virgin poly production and use.”

“UNEA 5.2 represents the most important, auspicious time to reverse the tide of the plastic pollution crisis worldwide. It is too important to not miss it,” said the statement.

Less than 10% https://www.reuters.com/investigates/special-report/health-coronavirus-plastic-recycling of all the plastic ever made has been recycled, and a Reuters investigation last year https://www.reuters.com/investigates/special-report/environment-plastic-oil-recycling revealed that new recycling technologies touted by the plastics industry have struggled to combat the problem.

The production of plastic from oil and natural gas is expected to increase by a third within the next 20 years. As the demand for fossil fuels decreases with increasing use of electric cars, this is an important source of revenue for major energy companies.

Although global recycling must be increased, this will not stop plastic pollution from rising without restrictions on production. This is what a landmark 2020 Pew Charitable Trusts study found.

As pressure mounts on firms that sell products in hard-to-recycle plastic to tackle the resulting waste, some have teamed up with cement makers to burn plastic waste as a cheap fuel in the developing world, a Reuters investigation found last year https://www.reuters.com/investigates/special-report/environment-plastic-cement.