Some of the world’s leading financial institutions have withdrawn their support from the global coal industry. Pressure to act on climate change is one key factor. The emergence of new energy technology is another one. Now a new group called Portfolio.earth is applying similar pressure on lenders to stop financing plastic pollution and do something more beneficial with their dollars. In effect, they seek to make plastic the new coal.
Portfolio.earth is a collaborative effort launched by a group of environmental consultants last year, with the goal of raising public awareness on the role of financial stakeholders in biodiversity loss.
In an email to TriplePundit, the Portfolio.earth team explained that its focus on finance is a singular approach that complements the broader policymaking work undertaken by other environmental organizations.
“Because there are so many excellent groups engaging in more policy led agenda with Banks and finance, we are focusing our attention on telling the story about the financial sector’s role in destroying nature, and helping those progressive voices on the inside have impact,” they said.
Portfolio.earth does have a running start on its campaign, especially in regard to single-use plastic packaging.
Public awareness of the connection between single-use plastics and their impact on oceans and marine life has been skyrocketing, thanks in part to legacy media and conservation organizations including National Geographic and Sierra Club. Newer organizations like the Surfrider Foundation and Lonely