Pitfalls and Pipelines - Philippine Indigenous Peoples Links

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184 Pitfalls and Pipelines: Indigenous Peoples and Extractive Industries Export credit agencies (ECAs) are public agencies and entities that provide government-backed loans, guarantees and insurance to corporations that are operating in developing countries and emerging markets. Examples of ECAs include the US Ex-Im Bank, Export Development Canada and the UK’s Export Credit Guarantee Department. It can be argued that ECAs are operating corporate welfare on a massive scale, as they underwrite around 10 percent of global exports from Northern countries, primarily for private sector projects. 28 ECAs are the largest source of public funding for the fossil fuel and mining sector. From 1994 to 1999, ECAs provided more than US$40 billion in loans and guarantees to oil and gas development projects without any basic environmental requirements or attempts to promote sustainability. Notable examples of projects supported by ECAs include Sakhalin II oil and gas project in Russia and Inco’s Goro Nickel Mining project on Kanaky/New Caledonia. 29 ECAs for the most part have no developmental obligations, yet they account for the single biggest source of debt in the developing world. Most ECAs only recently adopted environmental policies that benchmark against those of the World Bank Group and regional development banks, but they consistently argue against adopting the same level of environmental and social safeguard policies that other international organizations have long accepted as normal, common practice. There is in general very little disclosure from ECAs, so it can be difficult to discover if there is ECA support for a particular project. The international monitor group for ECAs, ECA Watch, may be able to assist in research and also with campaign advice. 30 The International Federation for Human Rights’ “Corporate Accountability and Human Rights Abuses’”covers complaints mechanisms to some of the major ECAs. 31 The other form of public funding for the extractive industries tends to come from the big multilateral development banks. The prime development bank is the World Bank, but others include the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, European Investment Bank, and the
Chapter 2.3: International Advocacy with Companies and Their Investors 185 Inter-American Development Bank Group. Generally they use taxpayers’ money to provide financing for the purpose of development, although their interests can be much more varied. For instance, the World Bank Group includes the International Finance Corporation (IFC), which acts as the private sector arm of the Bank, and the Multilateral Investment Guarantee Agency (MIGA). MIGA provides political risk insurance, effectively guaranteeing foreign direct investments made in developing countries against so-called “political risk.” Effectively, this is another form of corporate welfare. MIGA was instrumental in providing political risk insurance to allow finance to be raised for the construction of the much criticized Grasberg mine in West Papua/Indonesia. Once the project was completed, the mine owners—Freeport McMoRan and Rio Tinto—were able to discard the insurance as having done its job, most likely to avoid a long overdue environmental investigation. 32 As noted in Chapter 2.2, the World Bank has, despite its development mandate, a history of support for the extractive industries, which it failed to correct even when presented with evidence of the questionable development benefits in its own Extractive Industries Review (EIR). Nadia Martinez of USbased Institute for Policy Studies noted the Bank failed “to distinguish its goals and standards from the likes of Halliburton, ExxonMobil, Shell, and other profit-driven institutions.” 33 In fact, the year the Bank rejected the EIR’s findings, in the first nine months (of 2004), just half a dozen oil, gas and mining investments accounted for no less than 56 percent of all related financial returns to the IFC. 34 It could barely afford to give up such a cash cow. So the Bank keeps trying to justify such investments. Its latest initiative is called extractives for development (E4D). This is a “knowledge sharing platform” aimed at transforming the extractive industries into a force for development. Speaking in December 2011, Rachel Kyte, the Bank’s Vice President for Sustainable Development, admitted that the sector has been blighted by “corruption, rent-seeking, environmental damage, disregard for the rights of local communities, [and] conflict and fragility.” 35
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