Human rights and climate lobbies are putting the World Bank Group on the spot over what they term as a breach of its own policies to help companies insure the East African Crude Oil Pipeline project.
The withdrawal by risk averse lenders from the East African Crude Oil Pipeline has seen the cost of the project rise by 30 percent to $5 billion, meaning shareholders will be forced to dig deeper into their coffers to fund it.
An NGO-backed complaint over pollution from gold mining in Liberia may lead to Western development finance institutions (DFIs) holding partner commercial banks responsible for the environmental, social and governance (ESG) impacts of their loans.
Rights groups have called on car manufacturers to do more to address abuses in their aluminium supply chains, including the destruction of farmland, damage to water sources and excessive greenhouse gas emissions that affect communities in Africa, Asia and South America.
Inclusive Development International, an environmental campaign group, has raised concerns over AIIB’s efforts to boost private investment in Asia using third-party managers.
The Asian Infrastructure Investment Bank wants to mobilize private capital to meet infrastructure needs. But by harnessing the capital markets, the bank is entering dangerous territory – and putting people and the environment at risk.
All is not well with the Total SE-sponsored East African Crude Oil Pipeline as, one by one, European lenders are walking away from requests to finance the $3.5 billion project, leaving it in financing blues barely three weeks after its launch.
