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Issue 1, January 2004 NGOs to Release Proposal for Equator Principles Implementation During World Economic Forum In June 2003, a number of leading private banks adopted a set of standards for project finance that are modeled on the social and environmental safeguard policies of the International Finance Corporation – the World Bank’s private lending arm. The adoption of the “Equator Principles” has been met with mixed reviews from Friends of the Earth and other NGOs, which remain concerned with how the Principles will be implemented. On Jan. 23 during the World Economic Forum in Davos, Switzerland, the BankTrack network will release a proposal entitled “Good Faith, Good Practice,” which recommends specific steps to implement the Equator Principles. The BankTrack network is also calling for an independent accountability mechanism to ensure the private banks are fulfilling their commitments.
BankTrack is a network of civil society organizations tracking the operations of the private financial sector and its effects on people and the planet. Baku-Tbilisi-Ceyhan Oil Pipeline Facing Legal Challenges, Strikes in Georgia The BP-led Baku-Tbilisi-Ceyhan (BTC) oil consortium is facing multiple legal challenges in Georgia and Europe. The first court action, scheduled to take place this week, will focus on the controversial environmental clearance granted by the Georgian government in November 2002 for the construction of the pipeline through Georgia’s Bojormi region. The Georgian environment group, Green Alternative, filed the lawsuit claiming that the routing decision violates Georgian law and the Aarhus Convention. An application has also been filed with the European Court of Justice by human rights organizations, which maintains that Turkey’s legal agreement with the BTC consortium violates its accession agreement with the European Union. Additionally, in late December, workers involved in the construction of the Georgian section of the BTC pipeline went on a multi-day strike for higher wages. Despite these pending legal challenges, in November 2003, the World Bank’s International Finance Corporation and the European Bank for Reconstruction and Development each agreed to finance the BTC pipeline. For more information, contact Carol Welch at (202) 222-0719 or cwelch@foe.org For more information on the European legal challenges, go to: http://www.bakuceyhan.org.uk/press_releases/EC_court.htm For more information on the BTC pipeline, go to: http://www.foe.org/camps/intl/institutions/bakuceyhan.html |
