Saying no to coal: IFC’s new Green Equity Approach unveiled
The World Bank’s private lending arm has unveiled its new approach to greening equity investments in financial institutions. The International Finance Corporation (IFC) says it will end equity investments in financial institutions that do not have a plan to phase out investments in coal-related activities. The “30 by 30 Zero Program” aims to help the banking […]
Realizing the right to an effective remedy: Joint Submission on the External Review of IFC/MIGA Accountability
Inclusive Development International has submitted Joint Comments on Realizing the Right to Effective Remedy within the IFC/MIGA Accountability Framework to the World Bank Group’s Board of Directors. The comments, which we prepared along with Accountability Counsel, Bank Information Centre, Center for International Environmental Law and the Arab Watch Coalition, were submitted in response to a public […]
World Bank-Backed Rio Tinto-Alcoa Joint Venture Relocates Guinean Village During Covid-19 Lockdown
While communities across Guinea were under Covid-19 shelter-in-place orders, a joint venture owned by mining giants Alcoa and Rio Tinto relocated more than a hundred families to expand its sprawling bauxite mine. Residents of Hamdallaye village in the Boké region of Guinea, who have been seeking redress for the loss of their ancestral farmlands and […]
Communities file complaint against World Bank, demanding halt to HeidelbergCement project in Indonesia
Community representatives in Indonesia have filed a complaint against the International Finance Corporation, the private-sector arm of the World Bank, for its indirect financing of a potentially devastating HeidelbergCement limestone mine and cement factory on their territory in Central Java. According to the complaint, which was filed on the eve of the company’s annual shareholders […]
Joint Call for Greater Transparency and Consultation in the IFC/MIGA Accountability Review
(October 25, 2019) – Inclusive Development International and 74 global partners submitted a joint statement to the World Bank Group’s Board of Directors, expressing concerns about the lack of transparency and external stakeholder engagement in the accountability framework review of the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA).
Watchdog to investigate World Bank Group’s opaque support for coal expansion in Philippines
The International Finance Corporation’s independent watchdog has announced that it will launch a compliance investigation into the World Bank Group member for its investments in a commercial bank in the Philippines that bankrolled the country’s recent coal power boom. After receiving $254 million in IFC funds, Rizal Commercial Banking Corporation became a key financier of […]
When funding fuels fire: the ins and outs of responsible mining finance – Mine | Issue 81 | June 19
The World Bank’s Compliance Advisor Ombudsman (CAO) is currently considering a complaint made against the International Finance Corporation, a sister organisation of the World Bank, for funding the expansion of a controversial bauxite mining project. Such grievances are not uncommon and it is hard not to wonder, is CAO powerful enough to hold organisations, including […]
New report exposes World Bank links to destructive coal mining in Indonesia
(April 11, 2019, Washington DC) – The World Bank Group is quietly bankrolling some of Indonesia’s most destructive coal mining companies, despite instituting a virtual ban on coal financing in 2013, according to a report released today.
Cambodian indigenous communities win back their sacred land from Vietnamese rubber developer
(Banlung) – Twelve indigenous communities in Cambodia’s northeastern province of Ratanakiri scored a major victory today when the government announced it was returning to them 20 spirit mountains and dozens of other spiritually significant areas that had been grabbed by the Vietnamese agribusiness giant Hoang Anh Gia Lai (HAGL). The communities have been embroiled in […]
Thirteen Guinean villages lodge complaint against World Bank for financing destructive bauxite mine
(March 8, 2019 – Conakry) – Residents of 13 villages in western Guinea have filed a formal complaint against the International Finance Corporation (IFC), the World Bank’s private-sector arm, for funding the expansion of a harmful bauxite mine.