Both ENDS
Last June, President Obama called upon the national and international community to give no more public support to foreign coal. Shortly after this, the World Bank and the European Investment Bank EIB followed the example, setting stricter criteria for loans to energy companies, which will make it nuch more difficult, if not impossible for new coal plants to get financing from these banks.
Ten years after the start of the construction of the Nam Theun 2 dam in Central Laos, it is clear that this mega project has disastrous impacts on people and their environment. The project - originally the flagship of the World Bank, the Asian Development Bank (ADB) and the European Investment Bank (EIB) - did not achieve its intended development goals. In a press release which was sent out this week, Both ENDS and partner organisations call on these multilateral banks to withdraw from large scale hydro dams such as Nam Theun 2. The dam, which became operational in 2010, has profound negative effects on local communities, while they do not benefit from it.
The world has to stop using fossil fuels, but investment in the sector continues unabated. Investors of all kinds, including banks, insurance companies and pension funds, are hesitant about making the change to sustainable energy and are not sure where to start. In the autumn of 2019, together with the DivestInvest Network and Sustainable Energy (Denmark), Both ENDS published a report entitled ‘Managed Decline of Fossil Fuel Businesses’. The report describes five criteria to test whether companies in the fossil sector are actively taking steps to wind down their fossil activities. The criteria are helping investors to choose investments that are in line with the Paris goal of restricting global warming to a maximum of 1.5 degrees Celsius. We spoke to Lars Jensen, Senior Analyst at Sustainable Energy and lead author of the report.
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.
The Asian Development Bank (ADB) and the World Bank will donate $23 million to the Philippines, but will also provide a loan of $500 million to this country for the reconstruction of the areas damaged by the storm. According to ‘NGO Forum on ADB,’ Both ENDS’ partner organisation, these banks abuse this crisis. The debt will have to be repaid with interest and Philippine society will end up paying the price.
Political Cafe in the Bank We Trust: Testing the water
How can the right to water and sanitation enhance the World Bank's policy and practice in the sector?
Thursday October 9th, 2008 / 5 pm to 6.45 pm
Overflow room for Preston Auditorium, World Bank, 1818 H Street NW Washington D.C
The Pantanal, the world's largest freshwater wetland, is suffering exceptionally devastating forest fires, mostly caused by human activities. Over the past few months, an area as big as Northern Ireland has burned down. Both ENDS's partner organisations call for attention for this ecological and social disaster.
