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Toxics Greenpeace action against Ship Probo Koala that dumped toxic waste in Ivory Coast
what is at stake
Man-made toxics are in use all around us, from pesticides to cosmetics and baby bottles to computers. Although more than 80,000 chemicals are now in commercial use, only 14% of those used in the largest volumes have the minimum amount of data publicly available to make an initial assessment of their impacts on the environment, public health or fetal sensitivity. During their manufacture and use, toxics are released into the environment. They can travel vast distances by air or water and are also absorbed by wildlife and humans through the skin or ingested in food and water. Hazardous man-made toxics have contaminated every environment, and many ecosystems and species have been adversely affected. And up to 300 man-made toxics have been found in humans. Previous experiences with chemicals such as CFCs causing ozone depletion, DDT's impacts on birds and wildlife, bioaccumulation of PCBs and other persistent organic pollutants, has shown that their adverse impacts were identified only after significant problems had surfaced. The commercial usage of these toxics was phased out much too late to prevent widespread contamination of environment, wildlife and humans. This suggests that a precautionary approach must be taken, especially with chemicals such as PBDE (poly brominated diphynyl ethers) that make modern-use flame-retardants, which have a structure very similar to PCBs that have already been shown to be so persistent and harmful. -readmore- The international community increasingly recognises the need to ensure more effective assessment of the long-term impacts of toxics on public health and the environment, particularly those that are persistent and bioaccumulate in the environment. But regulation has lagged behind new scientific understanding, and has often come too late . to stop widespread contamination of the environment, wildlife and humans - and may be too late to stop irreversible health effects. All actors involved should therefore take a precautionary stand and ban the use of all chemicals of which the impacts are not well known. This precautionary principle should specifically be applied to two classes of toxics:
A bank's policy should ensure that it will only be involved in investments in companies that adhere in a systematic way to the precautionary principle. Such methods need to address several aspects, including:
selected standards and initiatives
Regulation of production and consumption of dangerous toxics International agreements have banned or are phasing out a number of particularly dangerous or toxic chemicals. Examples of these include:
-readmore- Impact assessment of new and existing toxics Assessments will lead to a more precautionary approach to the introduction, manufacture and use of toxics in products where impacts are uncertain.
Management of chemical by-products and waste The international community increasingly requires the sound management of chemicals and their by-products and waste so as to minimise risks to public health and the environment.
Specific sector standards Many relevant initiatives regarding the production and usage of toxics exist, of which just a few are mentioned here:
content of a bank policy
Toxics regulation and management is changing continuously. All stakeholders involved in the production and usage should meet the standards set by the precautionary approach and increasing concerns of long-term impacts on human health, reproduction and the environment. Banks involved in investments in the toxics industry as well as sectors using significant amounts of toxics, such as agriculture, the textile industry and the electronics industry, should ensure that the companies they invest in are following standards set forth above. For an issue that is dominated by uncertainty about future impacts, the precautionary principle should be overarching. This means that toxics can only be used in production processed when their safety is proven scientifically. The following elements should be incorporated in a bank's policy: essential elements
The bank will only invest in companies that:
additional elements
The bank will:
scores
how do we score this? The bank:
analysis scores toxics
Because the UN Global Compact covers the issue of toxics, signatories are awarded one point. Only Barclays, HSBC and Standard Chartered Bank have developed their own policy, which unfortunately do not cover enough elements to be awarded additional points. Barclays identified problems related to certain chemicals but does not set preconditions for investments. HSBC excludes "companies involved in the production of chemical weapons and the manufacture, storage and transportation of persistent organic pollutants (POPs), as well as certain hazardous pesticides and industrial chemicals (as defined in the Rotterdam Convention)", but does not cover other required elements. Standard Chartered Bank only establishes conditions for transportation of hazardous materials.
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