Development banks should comply with strict environmental and human rights rules to ensure that their projects benefit and do not harm the poorest groups. Both ENDS monitors the banks to make sure they do.
Currently, on the initiative of China, the Asian Infrastructure Investment Bank (AIIB) is being set up. As the ‘Chinese alternative to the World Bank’, AIIB will focus on financing large-scale infrastructure projects in Asia. The bank promises to be ‘lean, clean and green’, or in other words: non-bureaucratic, non-corrupt and environmentally friendly. Nevertheless, civil society organisations fear there will be disastrous consequences for local populations and the environment, considering China’s poor track record in these areas. In a letter to AIIB and in a press release, our partner 'NGO Forum on ADB' calls on the bank to develop strong safeguards.
Good news for the climate: last week, the European Investment Bank (EIB) decided to stop investing in fossil fuels by 2021. This is part of its new energy strategy.