Both ENDS
The World Bank has agreed to suspend all new investments in the palm oil industry by the International Finance Corporation (IFC) - an independent body within the World Bank focused on the private sector - with immediate effect. In a letter to Both ENDS' partner Forest Peoples Programme, Robert Zoellick, President of the World Bank, writes that all existing investments will be re-examined, pending a number of guarantees that must limit damage to humans and the environment.
For the very first time, the expert panel of the independent complaints mechanism of the Dutch development bank FMO will handle a complaint. It was filed on May 5 by residents of the area where the Barro Blanco dam is currently being built. These people form part of the indigenous Ngäbe-Buglé tribe. They feel that FMO has not adhered to its own social and environmental standards when they lent 25 million US dollars to build the dam. Anouk Franck of Both ENDS has been keeping a close eye on the situation.
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.
Recently, the World Bank announced to change its social and environmental regulations, the so-called 'safeguards'. These safeguards do not only apply to investments of the World Bank, but are often adopted by other banks and credit institutions all over the world. "If the World Bank changes the regulations, there will be significant global consequences!", Pieter Jansen warns. Last Tuesday he was in Brussels on behalf of Both ENDS for a consultation of the World Bank with European civil society organisations to give his view on the proposed changes.
"This is a turning point in global water management," said Both ENDS colleague Tobias Schmitz. He was in Geneva for a UN meeting on the future of water management or ‘the world after 2015’, when the term for the current Millennium Development Goals has passed. The conference had a special focus on the management of water resources and of waste water. We asked Tobias why he was attending the meeting and what were – and should be- the main issues in his view.
By 2020, all EU countries must blend 10% of their transport fuels with renewable energy. In practice, these are mostly biofuels. Minister of State Joop Atsma is now trying to reach this percentage by 2016, even though a lot of studies show that biofuels made out of agricultural crops decrease food provision and cause deforestation. Four civil society organisations, including Both ENDS, are asking the Dutch Parliament to try and halt the Minister of State.
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.
One of the side events Both ENDS and partners will host at the COP 21 in Paris, will touch the issue of local access to Climate Finance. Only if CSOs and local communities are really involved in the design of projects, we can ensure that climate investments meet social and environmental safeguards. See the official invitation below and also find more information about our other side-events during the Climate Change COP
