On May 25, 2023, the Swedish NGO ChemSec published a report on the biggest per- and polyfluoroalkyl substances (PFAS) producers by volume worldwide and on the associated societal cost caused by these compounds.
In the report, the societal costs of PFAS are estimated to be around 16 trillion euros per year, while the estimated revenue gained through PFAS is around 26 billion euros per year. The societal costs of PFAS consist of estimated healthcare costs and the fees for removing PFAS from the environment. Such remediation costs would mostly cover contaminated soils and water purification. In February this year, Le Monde published a map showcasing all 17’000 sites contaminated with PFAS across Europe (FPF reported).
In addition to estimating the societal costs, the report also names the 12 producers of PFAS by volume worldwide and their three biggest shareholders. The NGO hopes to shed light on the issue of environmental contamination due to PFAS and the associated costs to the public – and to raise awareness. “By understanding the impact of their investments, they can demand better practices. […] We believe that many of these investment firms are completely unaware of the PFAS portfolios of the companies they are investing in.”
Currently, the European Chemical Agency (ECHA) is working on a ban on PFAS within the European Union (FPF reported). The proposed restriction is open for comment until September 25, 2023.
Similarly, on May 30, 2023, the Endocrine Society put together a document in which it estimates the disease burden and associated costs of hazardous chemicals used in plastics, including PFAS. The document served in the preparation of the second Intergovernmental Negotiating Committee meeting (INC-2), taking place in Paris from May 29 – June 2, 2023, where a global plastics treaty will be negotiated (FPF reported). The chemicals examined besides PFAS are brominated flame retardants, phthalates, and bisphenol A (BPA). The worldwide economic costs for all of these chemicals are expected to range from a few to hundreds of billions USD annually.
References
ChemSec (May 25, 2023). “The top 12 PFAS producers in the world and the staggering societal costs of PFAS pollution.”
Endocrine Society (May 30, 2023). “Chemicals used in plastics materials harm human health and the economy.”
Read more
Tom Perkins (Jan 6, 2023). “Investors pressure top firms to halt production of toxic ‘forever chemicals’.” The Guardian
Tom Perkins (May 12, 2023). “Societal cost of ‘forever chemicals’ about $17.5tn across global economy – report.” The Guardian
ChemSec (February 23, 2023). “PFAS Guide.”
Le Monde (February 23, 2023). “‘Forever pollution’: Explore the map of Europe’s PFAS contamination.”
Nordic Co-operation (March 18, 2019). “The cost of inaction: A socioeconomic analysis of environmental and health impacts linked to exposure to PFAS.” doi: 10.6027/TN2019-516
