Plastic Pollution Talks Overrun Amid Global Uncertainty

Today’s ESG Updates:

• Plastic Pollution Treaty Talks Extended: Global negotiations on the world’s first legally binding plastic treaty stalled.
• Norsk Hydro to Cut 750 Jobs for Cost Savings: Norsk Hydro will slash 750 white-collar roles to cut costs amid economic uncertainty and a hiring freeze.
• Panama Canal to Open Tenders for Two New Ports: Expansion plans include the launch of tenders in 2026 for port construction and operations.
• Rusal Reports $87M Loss Despite Revenue Growth: Russian aluminium giant Rusal swung to a loss in H1 2025 due to soaring expenses and currency fluctuations.

Plastic pollution treaty negotiations have been stalled, and global discussions are still underway

Discussions for creating the world’s first legally binding treaty to tackle plastic pollution had run over on Thursday, and talks have been adjourned to the following day. Late Thursday night, countries were awaiting a new text that could be the basis for further negotiations after delegations that want an ambitious plastics treaty discarded the one proposed on Wednesday. States that pushed for a comprehensive treaty, including Panama, Kenya, Britain and the EU, shared frustration that key articles on the full life cycle of plastic pollution, and the harm to health, had been entirely removed from the text. Oil-producing nations oppose the curbs on producing virgin plastics derived from petroleum, coal and gas. In contrast, others want it to be limited and to have stricter controls over plastic products and hazardous chemicals. The OECD warns that plastic production will triple by 2060 without intervention, exacerbating the climate crisis. Experts emphasise the need for compromise between all nations. 

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Further reading: Plastic pollution talks go into overtime as countries push for late breakthrough

Aluminium producer, Norsk Hydro, to cut hundreds of white-collar jobs

Aluminium producer Norsk Hydro has recently announced its plans to cut 750 white-collar jobs as part of its efforts to reduce annual costs by 1B Norwegian crowns ($97.83M). In June, the company announced a hiring freeze in response to geopolitical tensions, trade disruptions and economic volatility. Later on, it said that capital expenditure this year would be slashed by 10% compared with its original plans. The cuts would affect staff and support functions, engineering, IT, supply chain, and commercial jobs, while blue-collar workers were not affected. The company also stated that travel and consultancy costs would be reduced as part of the overall savings. To keep up with similar industry developments and updates, companies can rely on ESG tools. 

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Further reading: Aluminium producer Norsk Hydro to cut 750 white-collar jobs

Sources reveal that the Panama Canal will launch a tender for the construction and operation of two ports

Sources have disclosed that the Panama Canal will soon begin consultations with companies about launching a competitive tender in the first quarter of 2026, offering two new ports for construction and operation within its zone. The ports are part of a broad expansion plan being organised by the waterway’s administration, which aims to increase services related to cargo handling. This includes trans shipment, storage and gas transportation, and to secure fresh water operations. A key project included in the planning, the construction of a large dam, will be discussed at Panama’s Supreme Court following a lawsuit filed against it last month. Sources have also added that another tender to offer a project to construct a liquefied petroleum gas pipeline within the canal zone is also under preparation and may be launched next year. To stay ahead and up to date in a competitive market, businesses can leverage ESG solutions. 

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Further reading: Panama Canal to launch tender for construction, operation of two ports, source says

Russian aluminium giant, Rusal, reports first-half loss as expenses climb

Rusal has reported a first-half net loss as rising costs, higher interest expenses, and foreign exchange fluctuations weighed on the Russian aluminium producer’s earnings. Rusal is the world’s largest aluminium maker outside of China, and it swung to a net loss of $87M for the six months ended June 30, from a profit of $565M last year. Affected by geopolitical tensions, Rusal has faced consistent pressure for more than three years. Though not directly sanctioned, Western buyers have observably avoided new contracts for Russian metal. Finance expenses surged by $408M, reflecting higher interest on bank and company loans, bonds and other charges, while foreign exchange losses added $181M to the bottom-line hit.  The cost of sales hiked by approximately 40% to $6.11B, driven by increased volumes of primary aluminium sales and higher material prices, alongside elevated electricity and transport costs. However, Rusal’s revenue rose 32% to $7.52B thanks to higher sales of primary aluminium and alloys. 

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Further reading: Russian aluminium giant Rusal swings to first-half loss as expenses surge

Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — In the Cover Photo: Mass of plastic bottles, Jul. 21, 2020. Cover Photo Credit: Nick Fewings