$10 Trillion Investor Group Urges Consumer Goods Companies, Retailers to Reduce Plastic Use.
A group of more than 180 investors, representing $10 trillion in assets under management, have signed a joint statement calling on companies to cut their use of plastics, and address the financial risks of plastic use.
The statement, coordinated by Investors for Sustainable Development (VBDO), is targeted primarily at intensive users of plastic packaging, particularly those in the fast-moving consumer goods and grocery retail sectors, including Coca-Cola, Costco, P&G, Nestlé, Unilever and Target, among others.
Signatories included Amundi, Aviva Investors, AXA IM, LGIM, Mirova, and Rockefeller Asset Management.
The statement comes as companies and investors face growing financial, physical, legal, technological, regulatory and reputational risks related to plastic pollution, ranging from financial risks as governments require companies to cover waste management costs, to the risk of petrochemical and plastics investments becoming stranded assets as regulations tighten. Last month, for example, Canada proposed new rules introducing recycled content requirements for plastic packaging and labelling and reporting requirements for plastic products. Many jurisdictions have also recently introduced laws banning the use of single-use plastics.
