S&P Global gave a top sustainability award and a perfect score on human rights to Thai sugar giant Mitr Phol despite being repeatedly warned that the company was linked to land-grabbing and involuntary resettlements.
Rizal Commercial Banking Corp. (RCBC) has reiterated that it has stopped all lending to coal-fired power plants as early as 2020 in response to the investigation of the investments of International Finance Corp. (IFC) in the bank.
An independent watchdog has asked the bank’s private sector arm to pay reparations for serious social and environmental impacts from at least 10 new coal-fired power plants it has bankrolled over the past decade.
Environmental advocates have held a coordinated protest to demand climate reparations and immediate action from the World Bank’s private sector arm, International Finance Corporation, and Rizal Commercial Banking Corp.
Funds marked as socially and environmentally responsible by ESG ratings providers aided Putin’s invasion of Ukraine, and global investors and finance groups are bankrolling the ongoing war. Asian banks finance one third of Russia’s fossil fuel industry.
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 this week by Inclusive Development International and ALTSEAN-Burma.