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Holding Public Banks Accountable
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Global

Financial Policy Overseas

 

 

As part of Pacific Environment's broader mission, our global work promotes environmentally and socially sustainable policies and practices among public and private finance institutions. With a principal focus on energy and the extractive sector (renewable energy, oil, gas, coal, mining, and forestry) on the Pacific Rim, Pacific Environment persuades these finance institutions to be more open, accountable, and responsive to citizens’ concerns, particularly in project-affected communities.

Our work to reform the policies and practices of public and private banks has expanded its focus to include multilateral development banks, export credit agencies, and large private international banks. After a decade of campaigning, a basic environmental policy framework is now in place for each of the three classes of institutions. However, proper implementation of these policies has become a vexing challenge, and structures that obscure funding flows, such as private equity and financial intermediaries, are expanding.

The lesson we’ve learned over the years is simple: Harmful extractive projects in the developing world rarely go forward without large sums of public and private financing. Block or change the flow of this financing and you get results: the worst projects can be blocked; many projects can be greatly improved; good project, including renewable energy can advance, and local people can have a greater say in decisions that affect their lives.

Click HERE to view US Ex-Im Bank's Fossil Fuel Financing History

 

What's At Stake
Communities worldwide are becoming increasingly alarmed about the negative impacts of global finance institutions like the World Bank on the environment and human rights. But other secretive government bodies such as the Export Credit Agencies (ECAs) have as big, if not bigger, impacts.
How We Work
When we hear that a large extractive or industrial project has been proposed for a developing country, one of the first things we ask is, "Who's financing it?" Once we find out, we begin a dialogue with people involved to assure that the financing is being used to support the best environmental protection and human rights practices.