Sunday, December 4, 2022

British Worldwide Funding: UK abroad assist fund nonetheless invested in fossil fuels

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In 2019, a report commissioned by the local weather organisation 350.org alleged Dangote Cement had did not conduct environmental affect assessments earlier than finishing up mining work, as required below Nigerian legislation. It additionally raised considerations that the corporate’s mining actions had led to the contamination of soil and ingesting water for native communities, whereas respiratory illnesses had additionally reportedly elevated.

BII made its funding in Dangote Industries in December 2019 – the identical 12 months 350.org launched its findings.

Elsewhere, BII additionally holds an energetic funding in Carbon Holdings, a petrochemicals firm based mostly in Egypt. The funding got here after Carbon Holdings had introduced plans to construct the Tahrir Petrochemicals Complicated, which is anticipated to be the “largest petrochemicals complicated” within the Center East.

BII’s newest information additionally point out that the physique has invested $39m (£32.2m) in Te Energy to construct an influence plant in Guinea that makes use of so-called Heavy Gas Oil (HFO). Local weather campaigners have described HFO because the “world’s dirtiest and most polluting” sort of marine gasoline, whereas its use within the Arctic has been banned by the UN.

Roc Sandford, a spokesperson for Ocean Rebel, a marketing campaign group that raises consciousness in regards to the local weather affect of transport, stated it was “outrageous” that the federal government’s abroad funding financial institution nonetheless helps initiatives utilizing HFOs.

“Utilizing taxpayers’ money to speed up local weather and nature collapse is completely out of order,” he stated.

BII has defended its funding in Te Energy, saying it could “present a lot wanted baseload energy to a rustic which experiences common outages”.

Responding to openDemocracy, a spokesperson for the organisation stated that its fossil gasoline investments “don’t replicate BII’s present priorities or mandate”.

“British Worldwide Funding is without doubt one of the world’s largest suppliers of local weather finance to most of the international locations which are most susceptible to the impacts of the local weather emergency. Since 2018, BII has made $1.7bn [£1.4bn] of local weather finance investments.

“BII launched a fossil fuels coverage in 2020 that prohibits direct funding, or oblique funding by way of third occasion funds, in practically all fossil gasoline associated firms. There stays a small variety of legacy fossil gasoline investments inside the portfolio that may not be pursued at present.”

BII was unable to say whether or not it had divested from any fossil gasoline investments since introducing the local weather coverage.



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