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.
Treize villages guinéens portent plainte contre la Banque mondiale pour le financement d’une mine de bauxite nocive
Les populations de 13 villages situés à l’Ouest de la Guinée ont déposé une plaintecontre la Société financière internationale (SFI), institution du groupe de la Banque mondiale chargée du secteur privé, pour avoir financé le développement d’une mine de bauxite nocive. Les 540 plaignants affirment que la Compagnie des bauxites de Guinée, qui pilote le projet financé […]
As climate crisis bites, World Bank further distances itself from coal
As climate crisis bites, World Bank further distances itself from coal International Finance Corporation announced new ‘green equity’ policy to encourage financial intermediaries to divest from coal, while Bank pulled plug on mooted Kosovo coal project. READ FULL ARTICLE ▶
Civil society welcomes IFC’s moves to exclude coal in its financial intermediary lending
(Bali) – Civil society groups from around the world today welcomed news that the World Bank’s private sector arm, the International Finance Corporation (IFC), has taken significant steps to vastly reduce its exposure to coal through new financial intermediary (FI) investments. The CEO of the IFC, Philippe Le Houérou, has committed to help FI clients […]
Experts call on Supreme Court to reverse decision protecting IFC’s absolute immunity
(Washington, DC) – On Tuesday, nine NGOs and experts filed an amicus brief before the US Supreme Court in support of the Indian fishing communities and farmers who are challenging the International Finance Corporation (IFC)’s claim to absolute immunity in Jam v. IFC. The amici call for the Supreme Court to reverse the lower court’s decision, […]
World Bank and International Investors Bankrolling Climate Disaster in Philippines
International investors have in recent years poured billions of dollars into coal-fired power plants in the Philippines, one of the world’s most vulnerable countries to climate change. The World Bank Group, commercial banks and asset managers have quietly bankrolled a coal boom on the island nation despite many of them pledging to end or cut […]
Report Shines a Light on Hidden Backers of World’s Most Destructive Coal Project
Some of the biggest players in global finance are quietly backing the world’s most dangerous coal plant, according to an investigative report released today. International investors are enabling and profiting from the proposed Rampal plant in southern Bangladesh despite persistent warnings that it will damage the world’s largest mangrove forest, intensify climate change and imperil […]