Both ENDS
This briefing of Eurodad, co-authored by Pieter Jansen, Both ENDS aims to outline recommendations on how the European Investment Bank should address the interconnected issue of gender inequity and the climate crisis in the newly proposed environmental and social policy.Severe climate change has consequences for human rights, including the right to life. As such, under the European convention on human rights the EIB has a duty to stop carbon-emissions related investments. The EIB and project promoters must monitor a project's greenhouse gas emissions and the climate risks of the project on the natural environment, and the women possibly affected by the project. The newly proposed policy should ensure that project promoters, who apply for EIB funding, submit a gender and social inclusion plan, and full participation and engagement of women, local communities and stakeholders in the Climate Risk Vulnerability Assessment methodology.
Since his previous government, prime minister Mark Rutte has wanted to create a green legacy with Invest-NL and Invest International, two new financial organisations. With the advent of the COVID-19 crisis, these organisations are more important than ever. Aiming to stimulate investment in sustainable and social projects, they will operate at a distance from the government so that they can act quickly and efficiently. With an initial budget of 2.5 billion euros, they will give financial support to companies active in sectors that the market avoids and which are at the heart of the transition. At Both ENDS, we see that as an essential step in closing the door for good on our old polluting lifestyle and putting sustainability at the centre of developments in the energy sector, in the organisation of our transport and mobility system, in how we produce our food and in the design of our cities.
Both ENDS letter to the Asian Infrastructure Investment Bank on the Environmental and Social Framework review.The AIIB adopted its Environmental Social Framework shortly after it opened for business in 2016. In fact, the AIIB didn't consult widely for the draft policy at the time. A full review in fact still has to be conducted.Safeguards policies are of crucial importance for project affected people to hold banks to account. However, Environmental and Social Frameworks (ESF) nowadays replace safeguards at banks. The ESF model leads to a reduction of a Bank's direct and mandatory role in overview, including due diligence, monitoring, and evaluation, of Bank funded activities and investments, along with a shift towards a greater reliance on client self-assessment and self-reporting.
New website shines a light on the extent of export credit agencies' support for fossil fuels
Each year governments provide tens of billions of dollars in financial support to fossil fuel projects via export credit agencies (ECAs). Today, 18 civil society groups from 14 countries are launching a new website to shine a spotlight on how ECAs are undermining global climate goals. In advance of the November UN climate conference, the organisations are calling on governments around the world to end public financial support for coal, oil and gas projects, including support from ECAs. Ending this support and redirecting financial resources to sustainable alternatives is essential for a just energy transition.
On 23 July 2020 a global network of NGOs working to strengthen corporate accountability for environmental destruction and human rights abuses, including Both ENDS, published an open letter to European Commission DG Justice Commissioner Reynders. The letter is a response to his recent commitment to propose legislation in 2021 on both corporate due diligence and directors’ duties as part of an initiative on sustainable corporate governance.
A global network of NGOs working to strengthen corporate accountability for environmental destruction and human rights abuses, including Both ENDS, published an open letter to European Commission DG Justice Commissioner Reynders. The letter is a response to his recent commitment to propose legislation in 2021 on both corporate due diligence and directors' duties as part of an initiative on sustainable corporate governance.
Extreme weather events, environmental degradation and stakeholder activism force companies to reconsider climate change as an aggravating risk with tangible impacts on global supply chains, business performance, brand reputation and ESG ratings. Business strategies that neglect adequate environmental action can lead to consumer boycotts, negative media attention, investor runs and even legal action.
