Environmental advocates are taking aim at a new target in their fight against petrochemical facilities: the financiers.
Six green groups released a report Tuesday urging major banks and investment firms to immediately prohibit funds and divest from companies leading the expansion of petrochemicals, the feedstock for plastics and fertilizers.
The report’s authors argue petrochemical facilities are risky investments that cause significant health harms.
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“It has become clear that continued financing for petrochemicals is a financial, legal and reputational risk that no financial institution can afford to ignore,” said Brandon Marks, senior campaigner at the Center for International Environmental Law.
