Plastic waste is harming planetary health, the oceans, and natural ecosystems at an alarming rate while putting economically valuable natural assets at risk. These natural assets can be described in terms of natural capital, which refers to the stock of natural assets that generate ecosystem services—think food, clean water, climate regulation, flood protection, pollination, and cultural value. When plastic waste accumulates, it degrades both the assets and the services they provide, making plastic waste problematic for human, environmental, and economic health.

In this sense, plastic waste is not just pollution. It is asset impairment. Plastic waste converts long-lived natural assets into depreciating ones. This can show up as:

• Higher costs to replace ecosystem services with built infrastructure
• Reduced long-term returns from fisheries, agriculture, and tourism¹
• Increased systemic risk tied to climate and ocean health²
• Heightened chemical pollutants from microplastic waste, with known threats to food security and human health³

Preventing plastic pollution, especially single-use and virgin fossil-based plastics, is therefore an environmental conservation and capital preservation strategy. Boston Common is thus encouraging corporate actors to take steps toward eliminating plastic waste from their value chains.

Our 2025 outreach inquired about companies’ progress toward plastic waste reduction goals, including efforts to enhance recyclability and promote a circular economy, as well as reduce reliance on virgin fossil plastics—first-generation plastics extracted directly from the ground . We identified portfolio companies that relied heavily on plastic packaging or were exposed to widespread incidents of plastic waste pollution, contacting a total of nine companies. We received written responses from five and held a dialogue with P&G in December, with two additional dialogues scheduled in early 2026.

We also assessed the companies we engaged with in 2018/2019 following the Ellen MacArthur Foundation’s New Plastic Economy Global Commitment. Among those companies, only Apple has largely met its 2025 goal for plastic removal. Other companies face systemic barriers to recyclability and reuse, with many extending their timelines to 2030.

Company Highlights

• Apple largely met its 2025 plastic reduction commitment, with its packaging now 98% “fiber-based” and free of virgin fossil-based plastic content.
• Colgate Palmolive, L’Oreal, Nestle, and Unilever all reaffirmed their respective commitments to the Ellen MacArthur Foundation’s refreshed Global Commitment 2030, launched this past November.
• Unilever scaled back some plastic waste reduction targets, citing systemic infrastructure challenges. The company continued to stress the importance of an international binding agreement on plastic waste and was a vocal participant in the UNEP sessions, calling for harmonized packaging regulations globally.
• Procter & Gamble did not sign the original New Plastics Global Economy Commitment, but continues to work toward 2030 plastics waste reduction goals. P&G has been a vocal advocate for circular economy efforts and discussed progress with Boston Common in our December 2025 dialogue. We will encourage the company to join peers and become a signatory to the 2030 Global Commitment.

Our 2026 company dialogues will emphasize the urgent need to reduce plastic waste, enhance packaging waste infrastructure, and address chemical concerns associated with packaging. We will simultaneously engage companies that can play a role in enhancing critical packaging waste infrastructure through innovation of circular economy models (Waste Management Inc.), and encourage food retailers to reduce plastic waste in their packaging as a means to lessen waste and address plastics-related chemical concerns in food products. Broadly, we will highlight efforts toward a binding international agreement on plastic waste and encourage companies to join the Global Commitment 2030.