What do banks have to do with global plastic pollution? This is a question that Facing Finance has been exploring in detail over the past few months. The result: a lot! Around 95 billion euros have been provided by eight European banks to a total of 14 companies along the plastic life cycle. Banks have invested another 52 billion euros. If banks don’t redirect their funds to plastic-free and low-waste companies and drive the circular economy, we’ll be left with a growing pile of waste. In addition to the growing plastic pollution, the 1.5 degree target is thus also moving further and further away.
What responsibility do banks and corporations bear? How can we change course? And what does plastic have to do with climate change and social and environmental justice? These and other questions were discussed by Tina Blohm from the Friedrich-Ebert-Stiftung together with Silke Stremlau, Chair, Hannoversche Kassen, and Vice Chairperson of the Sustainable Finance Committee, Von Hernandez, global coordinator of the Break Free From Plastic movement, and Vanessa Müller, project coordinator for Dirty Profits at Facing Finance. The discussion succeeded the publication of the report Disposable plastics, indispensable planet in spring 2021.
The 10/28/2021 discussion, the presentation by Break Free From Plastic and the presentation by Facing Finance can be found here to watch and read:
The Frankfurter Rundschau reported on the event: https://www.fr.de/wirtschaft/milliarden-tonnen-plastik-91081217.html