“Quite shocking”, said Anouk Franck from Both ENDS. “The International Finance Corporation is unaware of the social and environmental consequences of their investments in private enterprises in developing countries and emerging economies. This was observed by the Ombudsman of the IFC itself.”
Everything is tradable, even the right to CO2 emissions. In the European Union this has been common practice for some years now. EU countries have agreed to a maximum amount of CO2 emissions, and this 'right' is divided amongst companies in EU countries that produce a lot of CO2. Theoretically, CO2 emissions should be reduced this way. But are they? Both ENDS, together with a number of other organizations, signed a letter calling to stop this system. Wiert Wiertsema, specialist on international capital flows, explains why.
The work of the partners of Both ENDS can be dangerous. The story of Odey Oyama, director of the Rainforest Resource Development Centre in Calabar, Cross River State in Nigeria, gives proof to this. Since a few weeks he is hiding. Just in time he heard – indirectly – that he is wanted, and three weeks ago the police suddenly invaded his house. Odey is afraid to return to his family. It seems that his work has engendered too much resistance[1]. He writes to us: "Absolutely without any warrant whatsoever, men and officers of the police forced their way into my residence on Sunday January 27th, 2013, through one of my bedrooms. Previously I had actually reported to the police that I was in need of protection by reason of some of the things I heard and perceived around. "
What is the reason behind the European Investment Bank’s 500 million loan to the Brazilian development bank BNDES? The money, paid for by the European taxpayer, comes from the ‘climate funds’ intended for projects to stop climate change. Does this make BNDES the most logical choice? Anouk Franck went to Brazil to find out more about this loan.