As global temperatures rise and governments implement
decarbonization policies, the fossil fuel industry is pushing for a major expansion in the production of plastic and petrochemical products. The unchecked expansion of petrochemicals would be devastating for the environment, climate, and human health. The financial sector plays a crucial role in enabling or limiting this damage.
Consumers are increasingly aware of the harm caused by petrochemicals and are pushing for smarter, safer alternatives. Faced with overproduction, a stricter regulatory regime, and emerging litigation, the market for plastic and petrochemicals has become increasingly risky, and profits are less dependable.
Exiting Petrochemicals: A Policy Guide for Financial Institutions is a warning and a call to action urging the financial sector to stop underwriting petrochemical projects and to exit the supply chain responsibly.
The report was written by the Center for International Environmental Law, Break Free from Plastics, Friends of the Earth, and the Texas Campaign for the Environment.
Published on October 15, 2024.