53 trillion dollars debt for the production of plastic products

Sunbd Desk || Published: 2021-01-12 10:19:25 || Updated: 2021-01-12 10:19:25

Various banks have financed 40 companies around the world for 1.7 trillion over 5 years. All this money will be given to keep the plastic production and supply system normal. But there is no guideline to prevent plastic pollution in the rivers and seas of the world.

Banks in Europe and the United States have lent  53 trillion dollar to plastic products. Environmentally harmful fossil fuel projects are increasing environmental pollution. But banks do not have financing or loans for any project to reduce or recycle plastic pollution.

This information has come up in a recent report published in the news media Al Jazeera. Robin Smel, director of Vivid Economics and a consultant for the report, said the financial sector still needs someone who has the mentality to work to prevent plastic pollution.

The report found that Bank of America Corporation, Citigroup and JPMorgan financed the largest plastics trade from 2015 to 2019. The three banks have lent between 14,400 million and 17,200 billion to various companies in the manufacture of chemicals, packaging of products and bottles of soft drink companies. Barclays and HSBC Bank in Europe have financed 11,800 and 9,600 million in plastic products. However, no bank has agreed to speak to Reuters on the matter.

A study by the Australian Science Agency found that there are at least 14 million tonnes of microplastic waste under the sea.

Sunbd/NJ

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