A large investor alliance, coordinated by the Dutch Association of Investors for Sustainable Development (VBDO), has signed a statement asking intensive packaging users such as grocery retailers to adopt a more radical approach to reduce their reliance on plastics.
In a Thursday statement, the group of 185 investors, which has $10 trillion in assets under management collectively, argued that “failing to address these impacts exposes companies to financial risks that threaten value creation and investment returns.”
The initiative encourages the implementation of reuse systems for packaging and the phasing out of hazardous chemicals in plastics.
It comes as studies argue there are between 75 and 199 million tonnes of plastics in the ocean with the problem reaching far beyond impacts to the marine environment.
The group stated that the estimated costs to society from plastic pollution – including “environmental clean-up, ecosystem degradation, shorter life expectancy, and medical treatment – exceed US$100 billion per year.”
“It’s worrying to see most companies in the FMCG [fast-moving consumer goods] and grocery retail sectors are taking limited action to mitigate the financial risks posed by plastics,” said VBDO Executive Director Angélique Laskewitz.
“Today investors are sending a clear signal to these companies they will face ever-increasing pressure if they don’t act soon to substantially reduce their plastic footprint,” concluded Laskewitz.