You know you’re in trouble when financial investors are the ones asking for independent safety reviews, but that’s exactly what’s happening with BPA and the FDA. It seems that investors have a conscience beyond making a profit, and they care about our health. Financial corporations have children too, don’t they?
According to Green Century Funds:
Washington, DC – A coalition of investors and other groups with more than $ 26 billion in assets yesterday sent a letter to Food and Drug Agency (FDA) Commissioner Margaret Hamburg, applauding her recent decision to reassess the safety of bisphenol A (BPA), a controversial chemical used in box liners and hard plastics.
BPA is known to seep into can liners in food and drink, and has been found in the urine of more than 90% of Americans tested by the Centers for Disease Control (CDC). Despite the evidence linking the chemical to cancer, diabetes, developmental damage, and heart disease in animals, the FDA has so far maintained its assessment that BPA is “safe.”
“As investors, we are concerned that the use of BPA, especially in food and beverage packaging, threatens shareholder value. Businesses may face reputational, competitive, or market exclusion risks when using BPA. We are delighted that the FDA is reconsidering its assessment, ”said Emily Stone of Green Century Capital Management (“ Green Century ”), the investment advisory firm that organized the letter.
Of course, what matters is the fear of threatening “shareholder value”, which shows that consumers have power. All the negative publicity surrounding BPA worries businesses, and the power of consumers, especially parents, to avoid BPA-based products has affected results; however, the BPA industry is fighting back. Green Century Funds continues:
Notes released at a recent Joint BPA Trade Association meeting demonstrate the industry’s desire to continue to play a role in preventing the regulation of BPA. According to the notes, attendees discussed a strategy to “protect industries that use BPA [and] extend the life of BPA ”, including the use of fear tactics and the identification of a spokesperson for the“ Holy Grail ”- a pregnant woman – to advocate for BPA.
Image: Environmental Working Group