Every minute a truck-full of plastic ends up in our oceans. Governments and scientists agree that the current volume and persistence of plastic pollution is unprecedented in human history. Plastic packaging is the main culprit.

With growing public outcry around the world, companies and governments are slowly waking up. The banks which lend to these companies, and without whom the plastic packaging industry would not function, are co-responsible for creating persistent, harmful pollution. Out of step with reality, and the wishes and concerns of their customers, these banks are silently and indiscriminately financing this toxic and persistent product.

For the first time, this report analyses the finance banks provided to key companies along the plastics supply chain. The report finds that between January 2015 and September 2019, banks provided loans and underwriting of more than USD 1.7 trillion (equivalent to Russia’s GDP) to forty key plastic supply chain actors. This includes all lending to those companies within this fixed time period.

The total is equivalent to USD 790 million per day in finance to companies with involvement in the global plastics supply chain. While many banks have shown some awareness of the issue, none of the 20 banks which provide the lion’s share of funding have developed any due diligence systems, contingent loan criteria, or financing exclusions when it comes to the plastics packaging industry. 

This means banks are not acknowledging their responsibility nor taking action to understand, measure, and reduce the impacts of their loans within the plastics value chain.