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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.

A recent study by Profundo for Both ENDS and Oxfam Novib shows that investment in agroecology is necessary for a sustainable and inclusive global food system. Today, some 768 million – one in ten – people suffer from hunger or a severe shortage of food on a daily basis. Conflict, economic stagnation caused by the Corona epidemic, and the climate crisis present an immediate threat to the production of and access to sufficient nutritious food. Agroecology, a form of agriculture that places small-scale farmers, the natural environment and short supply chains at the centre of food production, makes communities in developing countries more resilient and helps them combat hunger. The study concludes however that major donors, including the Netherlands, are so far providing insufficient support for agroecology.

In this time of crisis-driven reflection we can read telling analyses of past and present on all sides which are being translated into agendas for action. Many of the analyses address issues like inequality, climate, the financial sector, health care, education and women’s rights. They talk about ‘what’ and much less about ‘who’ or ‘how’.But a different future can only be built together with everyone, young and old, men and women. This future will not simply happen to us; we ourselves have a hand in it. It is time for new faces around the table, with new voices. It is time for a new future.

Since the signing of the Paris Climate Agreement, rich countries have provided almost 50 times as much export support for fossil fuel related projects as for clean energy projects in four African countries. This is the conclusion of a report written by five environmental organisations from Ghana, Nigeria, Togo and Uganda, in cooperation with Friends of the Earth Netherlands and Both ENDS. The rich countries insured energy projects with a total value of 11 billion US dollars through their export credit agencies (ECAs). More than half of this export support is related to fossil fuels. Only 1% went to sustainable renewable energy.

More than six months after the Dutch elections took place, a long period of debates, negotiations and incertainty has finally come to an end. The new coalition of center-rightwing parties was sworn in last Thursday the 26th of October. Having Sigrid Kaag of the liberal-democratic party D66 as the new Minister for Foreign Trade and Development Cooperation in the third Rutte government (Rutte III), we can look forward to where the opportunities lie in the new coalition’s plans to make the world fairer and more sustainable. The Coalition Agreement, which tries to build a bridge between the political centre and the centre-right, is a smart piece of work in terms of reaching compromises. In the current international climate of societies progressively growing apart, that is a striking achievement.