Banks fund plastic crisis as DiCaprio helps Galapagos

Written by Lori Campbell on 24th May 2021

Banks are funding the plastic crisis with just 20 firms producing more than half of the world’s plastic waste, a new report finds, as Leonardo DiCaprio donates $43 million to help preserve endangered wildlife on the Galapagos Islands. Meanwhile, 50 major companies including IKEA and Oxfam join the world’s first ‘Green pensions charter’ from the Make My Money Matter campaign, Starling Bank campaigns for gender equality in how women are pictured with money in the media, and a large section of the Greenland ice sheet approaches the ‘point of no return’. It’s the Good With Money weekly news brief.

Banks fund firms producing 55% of world’s plastic waste

Just twenty companies produce more than HALF of all the single-use plastic waste in the world, new research reveals.

Their plastic production is funded by leading banks, including Barclays, HSBC, Bank of America, Citigroup and JPMorgan Chase.

The Plastic Waste Makers index reveals for the first time the companies producing the polymers that become throwaway plastic items, from face masks to plastic bags and bottles. At the end of their short life they are burned, thrown into landfill, or left to pollute the oceans.

Australia tops the list of countries for generating the most single-use plastic waste on a per capita basis, ahead of the United States, South Korea and Britain.

ExxonMobil is the greatest single-use plastic waste polluter in the world, contributing 5.9 million tonnes to the global waste mountain, the analysis by the Minderoo Foundation says. The largest chemicals company in the world, US-based Dow, created 5.5 million tonnes of plastic waste while China’s oil and gas enterprise Sinopec created 5.3 million tonnes.

Sign up to our weekly newsletter

Get better with money, in every way.