2023-11-15 14:40:30
Pfas are the new asbestos. They are not only a danger to public health, but also to the environment. Companies that produce or process PFAs face or could face enormous damage claims. For these reasons, they must phase out pfas production, preferably quickly.
More than fifty major investors are making this call to the chemical groups that make pfas. The investors are united in the Investor Initiative on Hazardous Chemicals (IIHC). Robeco, BNP Paribas Asset Management and Credit Suisse Asset Management are among its members.
Collectively, the IIHC members say they manage or advise on ten trillion dollars in invested capital. The IIHC reports that it has spoken with sixteen chemical companies this year about reforming their production. This has never happened before on that scale in that sector, the organization says.
According to the IIHC, so many PFAs have never been made as now and manufacturers are making far too little effort to look for alternatives. At the same time, lawsuits and claims against pfas producers are pouring in, especially in the US. These are now also available in the Netherlands (against Chemours and 3M) and in Belgium (3M).
The claims could cost companies tens of billions and those amounts would be much higher if those companies have to pay for cleaning up waters and soils contaminated with PFAs, the IIHC warns. In that case, shareholders of the companies involved run the risk of major losses.
4400 lawsuits
Pfas is a collective name for thousands of chemicals. They are water and grease repellent and are used in fire-fighting foam, non-stick coatings on pans, cosmetics, furniture, carpets and clothing. Pfas are hardly degradable and accumulate in water, soil and in people’s blood. Pfas can be carcinogenic and affect the immune system.
The IIHC reports in its letter that pfas issues have already led to a major bankruptcy in one case this year: that of the American fire extinguishing company Kidde-Fenwal, which faced more than 4,400 lawsuits. In the US, 3M settled a case brought by water companies: the company will pay more than 10 billion dollars over thirteen years to clean up polluted waters.
3M pays more than 500 million to clean up, mainly contaminated soils around its factory in Zwijndrecht, Belgium. The same factory also caused pollution of the Western Scheldt. The Dutch government has held 3M liable for this.
3M has committed to stop producing pfas by 2025. Europe is working on a ban, as are a number of American states.
Also read:
State holds company 3M liable for PFAS in Western Scheldt
The Dutch state believes that the American chemical company 3M should compensate the damage caused by harmful PFAS in the Zeeland Western Scheldt. Minister Mark Harbers (Infrastructure and Water Management) has held the company liable.
Florida town is new spearhead in lawsuits over pfas pollution
You can encounter the harmful substance pfas everywhere: in clothing, make-up, drinking water, cleaning products and also in your own blood. Polluting factories are increasingly being called to account for this. Often only after decades.
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