The unbearable cost of single-use plastics

The report argues that the food industry's reliance on single-use plastics creates significant ecological and health crises while exposing the sector and its financiers to material financial risks. It highlights a 'financial bubble' in the plastics industry driven by overproduction and impending regulation. Research reveals that seven banks operating in Belgium provided over 78 billion euros in financing to nine food industry companies between 2015 and 2021, with Deutsche Bank, BNP Paribas, and ING as the primary financiers. The document calls for banks to implement concrete plastic policies and for the Belgian government to use its influence as a shareholder to drive a transition toward a circular economy.

• Single-use plastics have a severe impact on human health, with chemicals linked to cancers, diabetes, neurological disorders, and fertility problems. Research suggests that phthalates used as plasticisers may contribute to a fertility crisis, with sperm counts in men nearly halving over the last 40 years.
• The production and disposal of plastics are highly carbon-intensive. The petrochemical industry is one of the world's most greenhouse gas-intensive sectors, and one tonne of plastic emits an average of five tonnes of CO2. By 2050, plastics could account for nearly one-fifth of the global carbon budget required to limit warming to 1.5°C.
• Recycling is an insufficient solution to the plastic crisis, as less than 10% of all single-use plastics ever produced have been effectively recycled. Much of the plastic collected for recycling is either rejected, incinerated, or exported to countries with laxer regulations, such as Turkey, where it often ends up in nature or landfills.
• Between January 2015 and May 2021, seven banks operating in Belgium provided more than 78 billion euros in financing to nine companies in the food industry. Deutsche Bank was the largest financier with over 35 billion euros, followed by BNP Paribas with 28 billion euros and ING Group with 14 billion euros.
• The plastics industry is experiencing a financial bubble characterized by structural overproduction of ethylene and unrealistic growth expectations from the fossil fuel sector. Carbon Tracker predicts global plastic demand will peak by 2027, contradicting industry projections of growth until 2040.
• New European Union regulations, including the Single Use Plastics (SUP) Directive and a plastic packaging tax of 0.80 euros per kilogram of non-recycled plastic, are increasing the costs for the food industry. These measures may make plastic packaging 20% to 60% more expensive, potentially increasing the price of some goods by 3% to 8%.
• Banks active in Belgium generally lack concrete policies on single-use plastics and fail to identify plastic as a financial risk. While some banks like BNP Paribas support the Global Commitment, the report claims this is primarily for image purposes and is not reflected in their Corporate Social Responsibility policies.

APA

Vanaerschot, F., & Plaisier, M. (2021). The unbearable cost of single-use plastics. ClientEarth. https://www.clientearth.org/media/f1cphq2t/fairfin_-the-unbearable-cost-of-single-use-plastics.pdf

Chicago

Vanaerschot, Frank, and Maxim Plaisier. The unbearable cost of single-use plastics. ClientEarth, 2021. https://www.clientearth.org/media/f1cphq2t/fairfin_-the-unbearable-cost-of-single-use-plastics.pdf.

Wikipedia

{{cite report |last1=Vanaerschot |first1=Frank |last2=Plaisier |first2=Maxim |title=The unbearable cost of single-use plastics |publisher=ClientEarth |date=October 2021 |url=https://www.clientearth.org/media/f1cphq2t/fairfin_-the-unbearable-cost-of-single-use-plastics.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{vanaerschot2021unbearable, author = {Vanaerschot, Frank and Plaisier, Maxim}, title = {{The unbearable cost of single-use plastics}}, institution = {ClientEarth}, year = {2021}, month = oct, url = {https://www.clientearth.org/media/f1cphq2t/fairfin_-the-unbearable-cost-of-single-use-plastics.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }