FMO's new position statement on fossil fuel investments commits to ending new direct finance in the downstream and midstream coal and oil sectors, whilst still allowing for investments in gas-fired electricity generation under exceptional circumstances only. Both ENDS welcomes this development as a step in the right direction.
Almost 40 civil society organisations and networks from around the world, including Both ENDS, today sent a letter to Dutch Minister for Foreign Trade and Development Cooperation Sigrid Kaag and State Secretary for Finance Hans Vijlbrief. They are asking the ministers to ensure that the expansion of export credit insurance as a result of the Corona crisis contributes to a green recovery.
Almost 40 civil society organisations and networks from around the world, including Both ENDS, today sent a letter to Dutch Minister for Foreign Trade and Development Cooperation Sigrid Kaag and State Secretary for Finance Hans Vijlbrief. They are asking the ministers to ensure that the expansion of export credit insurance as a result of the Corona crisis contributes to a green recovery.
Last year at COP26, the Netherlands, alongside 38 other governments and institutions, committed to the Glasgow Statement on International Public Support for the Clean Energy Transition. By signing this statement, the Netherlands has committed to ending new direct public support for the international unabated fossil fuel energy sector by the end of 2022- a commitment it has yet to deliver.
With this letter, 20 civil society organisations call on the Netherlands to announce its implementation policies for the Glasgow Statement ahead of the Export Finance for Future (E3F) Summit on the 3 November. The E3F Summit is a critical opportunity for the Netherlands to uphold the commitments made in Glasgow last year, alongside all other E3F members.
The recent E3F transparency report highlighted that Netherlands insured 6x more fossil fuel transactions than renewables from 2015-2020, with 3 billion EUR in fossil fuel transactions compared to only 0.5 billion EUR in renewables. This demonstrates that a fossil-fuel exclusion policy for Dutch export support is urgent, and essential, to align the Netherlands with its Glasgow commitment and the Paris Agreement.
One of the side events Both ENDS and partners will host at the COP 21 in Paris, will touch the issue of local access to Climate Finance. Only if CSOs and local communities are really involved in the design of projects, we can ensure that climate investments meet social and environmental safeguards. See the official invitation below and also find more information about our other side-events during the Climate Change COP
In a new Position Statement on Financial Intermediary (FI) Lending, Dutch development bank FMO argues for limited responsibility over the outcomes investments that are channeled through commercial banks, investment funds, and other financial intermediaries, representing by far the bigger sector of its portfolio. In doing so, FMO is undermining its development mission, including the protection of human rights and addressing the climate crisis. FMO intends to delegate these key responsibilities to its FI clients only, falling short of best practices of peer financial institutions. In a joint submission prepared by Both ENDS, Oxfam Novib, Recourse and SOMO, we argue that FMO can do much more to ensure the protection of human rights, the environment, and to measure the development impact of its indirect investments.
On the 14th of April, Both ENDS wil host a workshop called 'Small Grants, Big Impacts' on the annual Africa day in Amsterdam. The workshop aims to demonstrate that so called 'small grants funds' effectively deliver (devopment and climate) money where it matters, to people that need it the most. Large development banks, funds, donors and governments could use small grants funds as alternative financing mechanisms to make sure their money benefits people and their environment now and it the far future.
Together with 29 other CSO's, we've submitted our comments and recommendations in the Public Consultation on the AfDB Integrated Safeguards System. These include that the Bank should prioritize community-led development and human rights-based approaches; protect natural resources and tackles environmental and climate crises; raise the bar on access to information, transparency and accountability; facilitate participatory processes in policies, programmes and projects; and end inequality, poverty, and the cutback and privatization of vital services.