The giant Dutch bank ABN Amro, one of the world's largest financial
institutions, is facing charges of "environmental hypocrisy" from
green groups concerned over the bank's possible financing for a
controversial Russian oil extraction project.
Laptop Battery The accusations came on the eve of a ceremony in which ABN Amro
was scheduled to accept the 2006 Gold Medal Award for
"International Corporate Achievement in Sustainable Development"
from the World Environment Centre, a Washington-based
industry-backed organisation.
Meanwhile, environmental groups want ABN Amro and all other Equator banks to withdraw their support for Sakhalin II. But despite concerns from green groups, public lenders and private banks are clamouring to fund oil and gas projects, hungry countries such as the United States, Japan and members of the European Union, who are also major shareholders in public banks. The United States, the main customer for the Sakhalin project, has been encouraging oil projects almost anywhere outside of the Arab Gulf as it tries to lessen its dependence on Middle Eastern oil, citing the region's instability and its population's anger at U.S. policies.
Thinkpad But three conservation groups, Rainforest Action Network,
Pacific Environment and Sakhalin Environment Watch, ran a full-page
advertisement in the Washington Post Thursday condemning the bank's
bidding to fund the Sakhalin II oil and gas project , which they
consider "one of the most environmentally and socially destructive
projects in history".
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Microsoft Sakhalin II is a 20-billion-dollar project that aims to extract
oil and gas from beneath the coast of far eastern Russia's Sakhalin
Island.
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Laptop Computers The oil giant Royal Dutch Shell is leading the investment on the
island, which is estimated to have reserves of 45 billion barrels
of equivalent oil and gas -- the same amount of remaining reserves
in the North Sea. The company is seeking up to five billion dollars
in financing for the project.
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Laptop Computer Citing reluctance from other banks to fund the project for its
potential environmental damage and a firestorm of criticism from
green organisations, the groups called on AMN Amro not to fund the
project.
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Desktop Computer Environmentalists say that the project will harm marine life and
several endangered species, including the world's 100 remaining
western grey whales, as well as the local fishing community and
indigenous people in the fragile area.
Notebooks They are worried about a planned pipeline that would span 21
active seismic faults and hundreds of wild salmon spawning
habitats. The project will dump two million tonnes of dredging
spoil into Aniva Bay, threatening a key fishery and the livelihoods
of many Sakhalin islanders.
Lenovo According to Banktrack, an international campaign network
focusing on private investments, the project also lacks a
comprehensive oil spill response plan, despite great risks due to
the icy conditions in the area. A significant oil spill occurred in
2004 at the port of Kholmsk.
Hard Drive Ironically, the Amsterdam-based financial powerhouse has been a
leading voice in the so-called "Equator Principles", a set of
guidelines on social and environmental practices in private bank
lending modeled after safeguards adopted by the World Bank Group, a
role that has won the bank the environmental award scheduled for
delivery on Friday in Washington.
Travelstar "While other banks are making tough decisions and centralising
sustainability in their business operations, ABN Amro is forsaking
its commitment to these (Equator) principles by bidding to fund
this project," said Ilyse Hogue of Rainforest Action Network.
Gateway Hogue said that for the bank to accept an environmental award
while violating its commitments was environmental double-standards
"at its worst".
Laptop Parts The groups criticised the World Environment Centre as an
"industry-driven organisation" and labeled its award ceremonies
"green-washing".
Software They note that the centre gave environmental Gold Medals in the
past to Dow Chemical, British Petroleum, DuPont, Exxon, and Royal
Dutch Shell, which many independent environmentalists describe as
the worst polluters in the industry.
Hard Drives But the Washington-based centre says that an independent jury
cited ABN AMRO's work in helping to inspire, create and implement
the Equator Principles for the award.
Electronics The episode comes amidst global concern over climate change and
the role played by oil and gas projects in raising the earth's
temperatures and damaging the world's ecosystems.
Canon Public lenders like the World Bank and the Inter-American
Development Bank, which lends to Latin American nations from its
headquarters in Washington, and the European Bank for
Reconstruction and Development (EBRD) have all come under fire for
funding projects in the environmentally damaging extractive
industries like oil, gas and mining.
Desktop Pc The World Bank, the tone-setter among public lenders, in
particular was criticised for snubbing recommendations from an
independent study it had commissioned, the Extractive Industries
Review, which urged the bank to withdraw its investments from oil
and gas industries and re-channel the funds to renewable energy
projects.
Desktop Computers It is now the London-based EBRD that is poised to fund the
Sakalin II project. EBRD says approval is pending the final review
of the environmental assessment and could come as soon as this
month.
Think Pad EBRD's backing is likely to advance loans from other lenders
including, the U.S. Ex-Im Bank and the Japanese Bank for
International Cooperation. The private bank Credit Suisse is also
involved in the project.
Repair Meanwhile, environmental groups want ABN Amro and all other
Equator banks to withdraw their support for Sakhalin II.
Data Recovery But despite concerns from green groups, public lenders and
private banks are clamouring to fund oil and gas projects, prodded
by energy-hungry countries such as the United States, Japan and
members of the European Union, who are also major shareholders in
public banks.
Cisco The United States, the main customer for the Sakhalin project,
has been encouraging oil projects almost anywhere outside of the
Arab Gulf as it tries to lessen its dependence on Middle Eastern
oil, citing the region's instability and its population's anger at
U.S. policies.
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