United Kingdom: Bank lending to plastics industry faces scrutiny as pollution concerns mount

Banks have provided $1.7 trillion of finance to 40 companies in the plastics supply chain without imposing any requirements to tackle plastic pollution pouring into the world’s rivers and oceans, according to a report published on Thursday.

With European and U.S. banks increasingly spurning the most polluting fossil fuel projects to help slow climate change, campaigners want lenders to take a similar approach to plastics by making loans conditional on measures to boost recycling.

“What the financial sector needs now is someone to step forward and say ‘okay, we’re going to take a look at plastics,’ and then others will follow,” said Robin Smale, director of Vivid Economics, a consultancy, which audited the report.

The original full article can be found at reuters.com

 

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