Ending the secrecy culture in public finance

Public development funds are meant to benefit people, climate and environment, but in reality they support some of the most destructive activities on earth.

Coal power is the world’s most polluting energy source, and the largest contributor to climate change. Yet public funds are still financing new investments in coal and other highly polluting industries. Just Finance works towards disclosure and transparency in international development funds and investments, to increase democracy, protect human rights and stop global warming.

News

Chinese investments is undercutting Serbian Rule of law

Foreign direct investments and loans from China have in recent years enabled some of Serbia’s largest and most polluting infrastructure projects in coal, mining and transport sectors. These particular investments have been reported to be benefiting from practices that are nothing short of undercutting legal requirements specific to procurement, transparency and environmental permitting procedures.

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INTERNATIONAL PRESS RELEASE: Governments worsen climate crisis with USD billions in export finance

Every year, G20 countries give tens of billions of taxpayer-backed money to the fossil fuel industry via secretive government agencies known as Export Credit Agencies (ECAs). We can’t address the climate crisis effectively if our governments continue to prop up fossil fuels.
Find out more and sign the letter to world leaders urging them to stop supporting the fossil fuel industry via public financial institutions: http://www.fossilfreeecas.org

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200+ CSOs call on world leaders to end public finance for fossil fuels in 2021

One day before world leaders meet to discuss the energy transition at the United Nations High Level Dialogue on Energy, more than 200 civil society organizations (CSOs) from over 40 countries have released a statement calling on world leaders to end international public finance for coal, oil and gas.  The statement points to International Energy…

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Chinese-built coal projects in Europe – A real and immediate threat to the EU’s decarbonisation efforts

Regions of interest

Bosnias and Herzegovinas parliament approved a state guarantee for a loan from China to finance renewal of coal powerplant Tuzla 7. The project is taken to court due to breaches of legal procedures.

Serbia has become a hotspot for large Chinese investments and lending. The eastern influence has already left a deep footprint in the environment, transparency and the rule of law.

Chinas neighbor countries were the first to connect to the Belt and Road Initiative. It has promoted infrastructure but also increased economic dependency and had an environmental prize.

West Africa has seen a flood of Chinese investments in recent years. Many of them led to land acquisitions, pollution and increased emissions of greenhouse gases.

Banned Chinese defence companies are finding new markets in the Western Balkans

Just Finance has been mapping the activity of state controlled Chinese defence companies in the region, including donations of military gear and Covid-19 equipment. 

Export Credit Agencies (ECAs) are important players in supporting domestic trade abroad. Attention is growing in terms of regulating export credit support. Yet there is insufficient knowledge about how ECAs apply such international standards. 

Just Finance carried out a case study on the Danish ECA “EKF”. It found that international standards of environmental and social due diligence are deficient and the lack of transparency fails to enable third-party control. The report recommends applying higher EU standards as part of a comprehensive decarbonisation strategy

Danish Export Credit Agencies

Decarbonising Danish Export Credits

Chinese companies in Serbia

Disgraced in international operations

Chinese companies have invested in production, infrastructure and enterprises in Serbia since 2014. So far, very little is known about the backgrounds and track records of these companies, which have similar operations in other countries.

Just Finance did a global scan, and found reports of severe environmental violations, debarments from international banks, and repeated breaches of national regulations, including accusations of land grabbing.