EU ban on microplastics in cosmetics: too slow and too limited
Cosmetics companies selling personal care products without microplastics are calling for the swift introduction of a total ban in an open letter.
Banks unscrupulously invest in plastic
5 March 2021
Eight European banks have lent EUR 95 billion over the last three years to just 14 companies that are responsible for the plastic soup. Among these companies are oil multinationals such as ExxonMobil and Shell, chemical giants such as BASF and INEOS, and food giants such as Coca-Cola and Nestlé.
Almost 80% of the capital was made available by just four banks: HSBC, Deutsche Bank, BNP Parisbas and Santander. Very few or no environmental conditions were attached to the loans.
Facing Finance, the German sister organisation of the Dutch Eerlijke Bankwijzer, concluded that the eight financial institutions are largely responsible for keeping the plastic soup going. Read the press release here and the English summary.
ING IS LEAST BAD
The only Dutch bank to be examined was the ING. Of the eight financial institutions, the ING emerged as the best in terms of its plastics policy. The bank says that it takes the plastic problem seriously and it has subscribed to the Ellen MacArthur Foundation’s New Plastics Economy Global Commitment. The degree to which these promises are turned into deeds is, however, completely unclear. ING does not rule out investing in American shale gas and limits plastic reduction measures to its own offices.
CASE STUDY SHELL
Plastic Soup Foundation contributed a case study about Shell’s plastic factory in Pennsylvania to the report.
Shell invests billions of dollars there in plastic production based on shale gas. The company does not have any interest at all in reducing plastic and is banking on a future in which ever more plastic will be used.
The flood of new plastic not only adds to the plastic soup, but the energy intensive plastic production is also a serious threat to achieving the climate goals. Shell does not include the greenhouse gas emissions from plastic in its CO2 accounts as plastic is not an energy product.
RECOMMENDATIONS
The banks look away. They talk a lot about reducing their own plastic consumption, but do not set any conditions when lending capital to multinationals who earn their living from the production and use of plastic. The report therefore contains urgent recommendations for banks such as:
- compile a transparent plastic policy that targets the entire plastic chain;
- uphold due diligence that targets plastic reduction when extending credit;
- exclude companies working in shale gas from capital grants to rapidly phase it out of the oil and gas sector;
- re-evaluate clients on the bases of their plastic policy and require a plastic avoidance strategy from these companies.
The Bankrolling Plastics. The banks that fund plastic packaging pollution report published earlier this year, came to comparable conclusions.
You might also be interested in:
- Banks and insurance companies in the Netherlands invest billions in shale gas and plastic production
- Big banks like ING fund the plastic soup
- ING finances the plastic soup with billions of dollars
- Letter to the editor: look beyond the European Plastic Pact and tackle the producers. Starting with Shell!
- Plastic: Shell’s leaky lifebuoy
- Shell’s plastic factory does not count for climate goals
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