Morgan Stanley has quietly withdrawn its specific financing goal to address plastic pollution, as reflected in its latest ESG report published on Wednesday. The report omits the bank’s previous commitment to help prevent, remove, or reduce 50 million metric tons of plastic waste from the environment by 2030. A webpage that once detailed this pledge now displays an error message stating, "we couldn’t find your page."

A Morgan Stanley spokesperson emphasized that plastic waste remains a "sustainability focus" but explained that the change in plastics reporting is due to challenges in obtaining “the quality of data needed to meet our disclosure standards.” The firm also stated that it will "no longer track financing activities related to plastic waste as a standalone goal," but will continue collaborating with clients and partners to finance solutions across the plastic value chain as part of its broader $1 trillion sustainable finance commitment by 2030.

The bank's original plastic pollution target, announced in April 2019, was prominently featured on screens at its Times Square headquarters. However, Wall Street's enthusiasm for environmental, social, and governance (ESG) strategies has since waned amid rising interest rates, energy supply concerns, and contentious political debates in the U.S.

On Sept. 20, 2021, Morgan Stanley tweeted its plastic targets in connection with that year’s climate week. Here is the tweet:

#ClimateWeek begins today. As global warming spurs more intense and frequent heatwaves, floods and droughts, companies are hurrying to scale near-term climate change solutions to help the world reach net-zero emissions by 2050. Explore our insights: https://t.co/ezhT3XuGWR pic.twitter.com/369XFZ00Z7

— Morgan Stanley (@MorganStanley) September 20, 2021

Morgan Stanley reaffirmed its plastic pollution goals in a tweet during Climate Week. At the time, CEO James Gorman praised the bank’s leadership in addressing the issue, while then Chief Sustainability Officer Audrey Choi highlighted plastic pollution as a "very significant investment area."

Morgan Stanley facilitated key green bonds, including a $705 million issuance in 2020 for Coca-Cola Femsa to support its plastics commitments, and a $1.25 billion bond for PepsiCo in 2022. By the end of 2022, Morgan Stanley’s efforts had contributed to the prevention, removal, or reduction of nearly 14 million metric tons of plastic waste from entering the environment, according to a company statement.

Plastic pollution is now a global crisis, with waste levels doubling over the past 20 years, while only a small portion is recycled, according to the Organisation for Economic Co-operation and Development. The United Nations Environment Programme estimates that 11 million tons of plastic waste enter lakes, rivers, and oceans annually, a figure that could nearly triple by 2040.

Efforts are currently underway to finalize a legally binding UN-backed treaty by the end of 2024 to combat plastic pollution. Meanwhile, some regions, such as the European Union, have already implemented laws to reduce plastic use and promote recycling.