The World’s Largest Insurer, Munich Re, Rejects EACOP
ESG-labeled investments helped fund Russia’s war chest
ESG-labeled investments were directing large sums to companies directly linked to Russia’s government in the lead-up to its invasion of Ukraine, according to an investigation by Inclusive Development International. A review of financial records in early March revealed that these “socially responsible” funds had at least $319 million worth of holdings in five securities tied […]
Hannover Re becomes 5th re/insurer to opt out of East African Crude Oil Pipeline
Hannover Re is the latest insurer to reject EACOP, joining Swiss Re, Axa, Zurich and SCOR in publicly committing that they will not underwrite the pipeline. Last week, after SCOR committed not to insure EACOP, Hannover Re quickly followed suit, stating, “we refrain from providing reinsurance coverage for EACOP due to noncompliance with our ESG […]
Global Insurance Firms Steer Clear of Total Energies’ Embattled East African Crude Oil Pipeline Project
As major insurers say no to providing coverage for the highly controversial East African Oil Pipeline (EACOP), the pressure is mounting on Munich Re, Lloyd’s of London and others that have yet to comment on their potential involvement. French multinational (re)insurance company SCOR is the latest global insurer to commit not to provide coverage for […]
“Responsible investment” is fueling human rights abuses in Myanmar
Companies with ties to Myanmar’s military are benefitting from over $13 billion in ESG-labeled investments, according to financial records and other information compiled and published today by Inclusive Development International and ALTSEAN-Burma. In their report, “The Myanmar ESG Files: How ‘responsible investment’ is enabling a military dictatorship,” the human rights advocacy groups document how hundreds […]
Pengawas Bank Dunia akan meninjau proyek tambang Dairi Prima Mineral yang berisiko di Sumatra Utara
(Medan, Indonesia) Kantor akuntabilitas independen International Finance Corporation (IFC), yang merupakan anggota Grup Bank Dunia, akan menilai kepatuhan bank terhadap kebijakan lingkungan dan sosialnya sehubungan dengan keterkaitannya dengan proyek pertambangan kontroversial di Sumatra Utara, Indonesia, menurut laporan terbaru dari Penasihat Kepatuhan Ombudsman. Tambang seng dan timah usulan Dairi Prima Mineral, yang terletak di salah satu […]
World Bank watchdog to review risky Dairi Prima Mineral mine project in North Sumatra
(Medan, Indonesia) The independent accountability office of the International Finance Corporation (IFC), a World Bank Group member, will assess the bank’s compliance with its environmental and social policies in connection with its ties to a controversial mining project in North Sumatra, Indonesia, according to a new report from the Compliance Advisor Ombudsman. The proposed Dairi […]
Sustainable sugar group Bonsucro ignored rights abuses by member, UK body finds
Women watch their farm houses burn during forced eviction of Bos village (October 2009) (Phnom Penh) – The UK-based “sustainable sugarcane” certification body Bonsucro violated its international human rights responsibilities, according to a statement released by the UK National Contact Point (UK NCP), a government body that handles complaints against British multinational enterprises. The NCP […]
U.S. Court Orders Coca-Cola to Turn Over Evidence in Thai Human Rights Case
Lead Plaintiff Hoy Mai with her children (Atlanta, GA.) – A U.S. federal court in the Northern District of Georgia last week ordered the Coca-Cola Company to turn over evidence related to an ongoing class action against Thai sugar giant Mitr Phol in the Thai courts. The decision, an important victory for plaintiffs representing hundreds […]
First agreement reached in mediation between Rio Tinto-Alcoa joint venture CBG and communities in Sangarédi
