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Why This Matters: Plastic produces carbon emissions at nearly every point of its lifecycle. For decades, consumers have been told they could change the tide of plastic pollution by reducing, reusing, and recycling, but while they sorted their bottles, companies and governments failed to invest in recycling programs. Now, 72% of all plastic in the U.S. ends up in landfills despite many consumers’ best efforts, and plastic production is expected to grow by 30% in the next five years. Experts and advocates advocate for extended responsibility from petrochemical companies, emphasizing that plastic must be treated as a valuable commodity not only by consumers but also by manufacturers.
David and Goliath
Just 20 companies produce 55% of all single-use plastic pollution, while just 100 companies produce 90%. U.S. energy company Exxon Mobil topped the list as the world’s largest plastic polluter, followed by U.S. chemicals company Dow and China-based Sinopec. America and Australia topped the list as the world’s most plastic polluting countries, producing more than 50 kg of single-use plastic per person per year. Experts say the study provides more than perspective. “This is the first time the financial and material flows of single-use plastic production have been mapped globally and traced back to their source,” said Toby Gardner, a senior research fellow at the Stockholm Environment Institute.
The study, published by the Minderoo Foundation, went even deeper to find that just 20 global banks provide nearly 60% of the commercial finance funding to the plastic waste crisis, committing $30 billion in loans since 2030. On the list are Barclays, HSBC, and Bank of America. The global finance industry has recently been caught red-handed bankrolling deforestation, biodiversity loss, and pollution despite many making public environmental commitments. Gardner calls for more transparency, “it’s critical we break the pattern of inaction…this is why it is so important the small group of companies and banks that dominate global production of throwaway plastics begin to disclose their own data.”
Experts say holding these companies accountable for their plastic footprints is crucial to fighting climate change and meeting the goals of the Paris agreement. “It is critically important petrochemical companies move towards circular-economy-based alternatives if we are going to successfully tackle these interlinked crises,” said Sam Fankhauser, a professor of Climate Change Economics and Policy at the University of Oxford. A recent study from the World Wildlife Fund found that 86% of Americans are ready to move away from a single-use culture, but companies still have some catching up to do.
To Go Deeper: Check out all the data in the interactive version of the index here.
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