The Asian Infrastructure Investment Bank's (AIIB) financing of China Everbright International Limited (CEIL) for environmental services raises concerns due to CEIL's questionable track record. Despite AIIB's climate commitments and sustainability goals, providing up to $100 million to CEIL seems contradictory, given allegations of corruption, pollution, and unethical practices.
Everbright's global waste-to-energy projects have faced criticism for infringing on community participation and causing pollution. Fly ash disposal and recycling practices have raised environmental concerns.
AIIB's partnership with Everbright, despite its actions in China, has led to the exportation of pollution to other countries in Southeast Asia.
Everbright has used schemes to quell community resistance near its waste projects, impacting farmers' livelihoods and wastepickers' income.
Despite AIIB's claim not to finance coal-related projects, BankTrack has exposed Everbright's investments in coal plants, raising questions about AIIB's transparency and adherence to ethical norms.
The AIIB's association with China Everbright Bank, involved in corruption cases, raises concerns about AIIB's due diligence and ethical standards.
Calls for increased transparency and accountability within AIIB are growing, emphasizing the need for financial institutions to prioritize the planet's health over short-term gains in the face of the climate crisis and environmental degradation.
Read the full article here: https://bit.ly/AIIBObserver