The banks' support for fossil fuel extraction and climate breakdown could instigate the next crash with unprecedented costs for innocent people ten years on from the 2008 financial crisis, argues CHRIS SALTMARSH
London-listed copper giant Antofagasta has been entangled in scandals in Chile involving water depletion, dangers to local communities, corruption of national politics and environmental contamination, write Ali Maeve & Liam Barrington-Bush. Yet the London Stock Exchange remains silent. Following the company's AGM last week, a new London Mining Network report puts their actions and operations into the spotlight.
Ecuador is the latest country to tear up 'free trade' agreements that have so far cost the country $21 billion in damages awarded to foreign companies by 'corporate courts', and yielded next to nothing in return, writes Nick Dearden. So the outgoing President Correa did the only sensible thing: in one of his final executive acts this month, he scrapped 16 toxic trade and investment treaties.
Ecological farming has taken root in the UK, writes Phil Moore: drawing inspiration from the past while employing the latest ideas and techniques from organic, no-dig, permaculture, agroecology and agroforestry methods. But with agricultural fields selling for up to £10,000 an acre, there's a big difficultly for many would-be eco-farmers: access to land. Now, with public support, that's a problem the Ecological Land Cooperative is determined to solve.
Natural disasters like flood and drought have cost the Australian government more than A$12 billion since 2009, write Tayanah O'Donnel & Josephine Mummery, with even harsher weather events predicted for coming decades. Clearly, it's just the time for Australia to eliminate funding for research on adapting to climate change.
Between 2011 and 2016 the UK's export finance agency UKEF provided £109m to underwrite exports of equipment to coal mines in Russia, writes Lawrence Carter - despite the agency's commitment not to support 'investment in dirty fossil-fuel energy production'. And that's just a fraction of the £6.9 billion UKEF has lavished on the corrupt, polluting sector since 2000, while it was meant to be backing the clean energy technologies of the future.
The mighty Asian Development Bank is celebrating its 50th birthday this week in Yokohama, Japan, writes Hemantha Withanage. But the victims of ADB's $3 billion coal funding have little to be glad of - whether local communities impacted by mines and power stations, or people everywhere suffering climate change. ADB must stop financing coal now!
British firms lie deep at the heart of the Dakota Access Pipeline controversy, writes Amy Hall. Barclays, HSBC and the Royal Bank of Scotland have lent $800m to Energy Transfer Partners and its subsidaries, London-based Commercial Bank of China has loaned $120m, and RBS $250m, while HSBC and Barclays own over $110m worth of shares in project partner Phillips 66.
The whole idea of North Sea oil was to make Britain rich, writes Simon Evans. At least that's how it all began. But now ... it cost UK taxpayers a massive £396 million a year in tax breaks and subsidies to keep the industry alive last year. And there's no reason to think that's going to turn around any time soon.
News that one of the world's biggest nuclear power constructors, Westinghouse, has filed for bankruptcy in with debts of over $10 billion has put the entire sector on notice and issued a dire warning to nuclear investors everywhere, writes Jim Green. Among the likely casualties: the UK's Moorside nuclear complex in Cumbria.
World Bank projects have left a worldwide trail of evictions, displacements, rapes, murders, forest destruction, greenhouse-gas-belching fossil fuel projects, and destruction of farmland and water sources, writes Pete Dolack. But even as internal reports admit the Bank's wrongdoing, it is asserting its immunity from legal action as terrorised communities seek redress in the courts.
A Japanese court has found the government and Tepco culpable for the Fukushima nuclear disaster for failing to act on clear warnings of the dangers of seismic shocks, writes Shaun Burnie. The ruling is sending a shockwave through Japan's 'nuclear village' and may end all prospects of any mass restart of reactors.
Soon EDF will have to start the biggest, most complex and costliest nuclear decommissioning and radioactive waste management programme on earth, writes Paul Dorfman. But whereas Germany has set aside €38 billion to decommission 17 nuclear reactors, France has set aside only €23 billion to decommission its 58 reactors. When the real costs come in, they could easily bankrupt the company.