Both ENDS
Indigenous Hondurans are resisting the construction of the Agua Zarca hydrodam. Their fight has cost several lives, including that of Berta Cáceres. After considerable public pressure, Dutch development bank FMO withdrew from the project.
The Barro Blanco dam project in Panama, which has Dutch financial support, is causing indigenous lands to disappear under water. Both ENDS is working to protect the rights of indigenous communities living near the dam.
Together with civil society organisations from all over the world, the Fair Green and Global (FGG) Alliance aims for socially just, inclusive and environmentally sustainable societies in the Netherlands and the Global South.
The FMO development bank is proud of its results and the opportunities it seizes where commercial banks fail to act. But do the bank's actions really help, ask Anne de Jonghe and Nick Middeldorp.
Both ENDS has been asked by FMO to comment on its draft investment approach to responsibly managed forest plantations. To follow are a number of observations and recommendations, partially informed by Both ENDS long legacy of working in the forest & land arena, in dialogue with international donors, philanthropic foundations, companies, certification bodies and notably with forest dependent communities and other land users.
Utrecht, 5 October 2022 - Dutch development bank FMO bears responsibility for the destruction of livelihoods, economic losses and environmental damage caused by the construction of the Barro Blanco dam in Panama, according to a report by the bank's Independent Complaints Mechanism (ICM). Indigenous communities affected by the dam are pleased that their complaints have been confirmed and reiterate their call for apologies and compensation.
In a new Position Statement on Financial Intermediary (FI) Lending, Dutch development bank FMO argues for limited responsibility over the outcomes investments that are channeled through commercial banks, investment funds, and other financial intermediaries, representing by far the bigger sector of its portfolio. In doing so, FMO is undermining its development mission, including the protection of human rights and addressing the climate crisis. FMO intends to delegate these key responsibilities to its FI clients only, falling short of best practices of peer financial institutions. In a joint submission prepared by Both ENDS, Oxfam Novib, Recourse and SOMO, we argue that FMO can do much more to ensure the protection of human rights, the environment, and to measure the development impact of its indirect investments.
