The US-based bank, Morgan Stanley, has announced plans to prevent, reduce, and remove 50mn tons of plastic waste from rivers, ocean, landscapes, and landfills by 2030.
The company’s Morgan Stanley Institute for Sustainable Investing revealed the Morgan Stanley Plastic Waste Resolution.
The initiative aims to engage stakeholders to collaborate in designing, innovating, financing, and deploying solutions to plastic waste.
“At Morgan Stanley, we are committed to leveraging our best thinking; our broad capital markets reach; our relationships with innovators, entrepreneurs, corporations and governments; and our ongoing commitment to our communities to address this daunting challenge at a systemic level,” said Tom Nides, Vice Chairman of Morgan Stanley.
As part of the goal, the company aims to remove single-use plastics from its operations, underwrite bonds to reduce plastic waste, and offer a suite of low minimum portfolio strategies across the risk spectrum.
“Over the last decade, Morgan Stanley and the Institute for Sustainable Investing have focused on harnessing the power of the capital markets to protect the environment and strengthen communities as an integral part of how we do business,” stated Audrey Choi, Chief Sustainability Officer and CEO of the Institute for Sustainable Investing.
“The Plastic Waste Resolution continues that commitment by supporting research and thought leadership to enable us to better understand the challenges around plastic waste and the potential solutions; creating sustainable investing strategies to direct capital toward new solutions as they evolve; and encouraging capacity building of the entrepreneurs, innovators and future leaders of finance to help address this issue at a systemic level.”