The world’s largest banks are funding plastic pollution: Report

Today continue Bankrolling plastics Finds the report shows that the largest banks in the world are co-responsible for the crisis of plastic pollution, and are ignoring the ire of their customers. This is the first time that loans granted to plastic supply chains by global banks have been investigated. Indiscriminate financing in the plastic supply chain has failed to acknowledge its role in reinforcing global plastic pollution. Also, they are not introducing any due diligence systems , contingent lending criteria , or financing exclusions related to the plastics industry .

Bankroling plastics , are plastic supplies that have been found by major companies providing the first probe of Finance, made with a series of major banks borrowed huge amounts of money without making any effort to remove the plastic pollution crisis.

Portfolio. Was found in the assessment made by the January 2015 and September 265 major banks between 2019 has polymers, packaging, consumer goods and retail industry, which is the leading actor in all plastic packaging value chain, more than USD 1.7 trillion to 40 companies, or USD 790 million per day, provided the loan or underwriting. Twenty banks, mostly from the US and Europe, were provided with more than 80% ( USD 1.4 trillion) of this funding.

The ten largest financiers were Bank of America, Citigroup, JP Morgan Chase, Barclays, Goldman Sachs, HSBC, Deutsche Bank, Wells Fargo, BNP Paribas, and Morgan Stanley. Together, they accounted for 62% of the identified finances.

Bankrolling Plastics found that many banks are aware of the plastic pollution crisis , but none of the banks providing the bulk of the identified funds have developed due diligence systems , contingent lending criteria , or financial exclusions for the plastic packaging industry . For example , no investigated bank has made contingency of funds on companies having policies to reduce the amount of plastic or reusable and recycled on Virgin Plastics. This means that banks are currently not taking any responsibility to understand , measure or mitigate the effects of their loans within the plastic value chain .

The investigation results have come in the midst of public outrage over the serious effects of plastic pollution. Governments and scientists agree that there is nothing else in human history equal to plastic pollution. Every minute , a truck full of plastic goes into our oceans. Plastic packaging stretch to every corner of harmful pollution now the planet, ranging from the deepest oceans to the top of Mount Everest, has risen. Plastic ingestion kills an estimated 1 million sea birds and 100,000 marine animals every year . The average person eats about 70,000 microplastic particles in a year .

Kovid – 19 has delayed efforts to stop the use of plastic. Plastics and petrochemicals industry are offering as part of its services ‘necessary’, while health experts that the consensus is that the re can be used be used as secure storage that can be .

Bankroling Plastics calls to reduce its role in the plastic pollution from banks, as well as demanding a fundamental change of a fundamental shift away from the business model, depending on the business model of single-use packaging away from And towards those who prioritize reuse and more localized supply chains and services. It demands that:

• Banks rely on companies with best practices funding corporate actors within the plastic packaging supply chain.

• Governments stop protecting banks and rewrite the rules of finance to hold banks accountable for losses from lending.

• Companies adopt international best practices to reduce the production and use of virgin plastics and to increase the reusability of plastic packaging products.

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