ECOLOGICAL DEBT, ENVIRONMENTAL JUSTICE & CLIMATE CHANGE
ActionAid, Asian People’s Movement on Debt and Development and LDC Watch
Civil society groups hit US, co-chairs for delaying climate talks
Call draft Paris agreement “US text”
BONN, Germany, 19 October 2015 – Southern civil society leaders criticized the United States and other developed countries for delaying the climate talks as the last five days of negotiations before the Paris conference begin today.
The co-chairs who were mandated to draft the negotiating text for the Paris deal, have wasted time and money, they said today in a press conference, for excluding the submissions of developing country governments back in Geneva.
MANILA, 9 October 2015 – Hawker unions, women’s groups, religious congregations, and climate justice networks in several Asian countries are holding 300 actions today and tomorrow (October 9 and 10) against fossil fuels and other dirty energy.
The mobilizations of Asian Peoples’ Movement on Debt and Development (APMDD) member groups in Bangladesh, India, Indonesia, Nepal, Pakistan and the Philippines are part of the third worldwide Reclaim Power initiative.
Green Climate Fund defends new partners Deutsche Bank, World Bank
Officials say new partners will no longer bankroll fossil fuel projects
ADDIS ABABA, 14 July 2015 – Green Climate Fund (GCF) officials defended yesterday the decision to endorse known fossil-fuel project funders Deutsche Bank and the World Bank as partners, saying that the Fund’s accreditation procedures confirmed “they will not do it again” and that this widens as well financing choices for developing countries.
The recent GCF accreditation of the two institutions as international financial intermediaries was one of the questions raised at a GCF-organized event during the third UN Financing for Development conference, which started yesterday here in the Ethiopian capital.
“This does not show prioritization of national ownership and direct access but a continuing preference for using international financial intermediaries, previously agreed as only secondary mechanisms,” said Mae Buenaventura, deputy coordinator of the Asian Peoples’ Movement on Debt and Development (APMDD), who attended the GCF side event. She added that accrediting entities with records of funding fossil fuel projects in developing countries “further casts doubt on the capacity of the GCF to achieve truly transformational ends.”
INCHEON, South Korea, 9 July 2015 – An Asian alliance observing the ongoing climate finance talks here voiced their opposition to the accreditation of top coal funders Deutsche Bank and World Bank as new funding channels.
“Neither Deutsche Bank nor the World Bank can hold up to the highest fiduciary and financial accountability standards, as well as enforce social-economic and environmental safeguards,” said Lidy Nacpil, coordinator of the Asian Peoples Movement on Debt and Development (APMDD), at the board meeting of the Green Climate Fund (GCF).
“In addition, they continue to be among the biggest bankrollers of dirty energy, as well as false solutions such as palm oil and agrofuels. And despite their public commitment to the transition to renewables and clean energy, they show no signs of slowing down,” she added in a statement.
Nacpil referred to Deutsche Bank’s embroilment in multiple scandals, including a $2.5 billion fine last April for rigging interest rates and probes on suspicions of money laundering. She also cited the BankTrack network’s research that the German bank invested a total of $20.3 billion in coal from 2005 to April 2014.
She added that the World Bank increased its dirty energy funding last year, citing research from the NGO Oil Change International that it has invested $6.2 billion of public finance for coal from 2007 to 2014.
APMDD also joined a statement of civil society organizations questioning the integrity and reputation of the GCF following its decision to accredit Deutsche Bank and other entities.
“Unfortunately, with this decision, the Green Climate Fund is proving to be more ‘business as usual’ rather than ‘transformational,’” Nacpil said.
The GCF was founded as a mechanism under the United Nations climate convention to redistribute money for climate adaptation and mitigation from developed to developing countries. Over $10 billion is currently pledged to the fund.
The eleven other entities accredited by the GCF board today are Namibia’s Environmental Investment Fund, Rwanda’s Ministry of Natural Resources, India’s National Bank for Agriculture and Rural Development, Corporación Andina de Fomento (Development Bank of Latin America), Caribbean Community Climate Change Center, Africa Finance Corporation, Agence Française de Développement, Conservation International, European Bank for Reconstruction and Development, Inter-American Development Bank and United Nations Environment Programme.
They and the seven previously-accredited institutions are allowed to access GCF funds, and in turn disburse them to other groups who will be implementing projects and programs in developing countries.
The Asian Peoples Movement on Debt and Development (formerly Jubilee South–Asia Pacific Movement on Debt and Development) is a regional alliance of peoples' movements and organizations, coalitions, and nongovernmental organizations.
The full statement of APMDD is at https://www.apmdd.org/campaigns/ecological-debt-environmental-justice-climate-change/no-to-deutsche-bank-and-world-bank-as-gcf-partners.
The joint statement of civil society representatives at the Green Climate Fund, including APMDD, is at http://www.scribd.com/doc/270998470/Green-Climate-Fund-accreditation-of-Deutsche-Bank-sparks-concern-about-integrity-and-reputation-of-Fund.
Contact Denise Fontanilla for more information.
The Asian Peoples' Movement on Debt and Development strongly opposes the Green Climate Fund Board decision approved today, July 9, to accredit the Deutsche Bank and World Bank as its international financial intermediaries. We call on the GCF board to reverse the decision to accredit both banks.
Intermediaries are institutions allowed to access GCF funds, and in turn disburse them to other groups who will be implementing projects and programs in developing countries. They have a significant role in enlisting and overseeing implementing entities, as well as soliciting projects and programs for approval by the GCF Board.
Intermediaries should be held to the highest fiduciary and financial accountability standards, as well as have the capacity for enforcing social-economic and environmental safeguards. But weighed against these measures, both Deutsche Bank and World Bank are found wanting. In addition, they continue to be among the biggest bankrollers of dirty energy, as well as false solutions such as palm oil and agrofuels. And despite their public commitment to the transition to renewables and clean energy, they show no signs of slowing down.