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Financing Destruction
Global financial institutions facilitate a process of corporate globalisation that externalises the costs of modern 'western' consumption patterns upon communities who are not the primary beneficiaries of such activities. These institutions play a key role in channelling financial flows, creating financial markets and influencing international policies in ways that are too frequently harmful to the environment, human rights and social equity. Whether public or private, these institutions remain largely unaccountable for the impacts of their activities and engage in destructive projects in a variety of sectors, including the extractive and energy industries.
Through our work on a range of financial institutions including multilateral development banks, export credit agencies and private financiers MPI aims to shift our global economy from destructive activities, particularily rife in the extractive and energy sector, towards clean energy and sustainable, ecologically sound and socially just alternatives.
Public Financial Institutions
Financial institutions such as the World Bank and the Asian Development Bank have a mandate of promoting development and working towards poverty allieviation, yet their activities are frequently anathemic to these mandates, neither laying a good foundation for sustainable futures, not helping to alleviate the poverty and plundering of local communities.
Private Finance
Private institutions such as private banks and asset managers are unaccountable for the enviornmental or social impacts of their activites within a global economic systems that places profits over profits. Their involvement in large scale projects leads to the impoverishment of communities and their environments, and inequitable and unjust distribution of the impacts and benefits of their activites.
Read more about these global players in our subtopics.
For more information, please contact:
Techa Beaumont
Executive Director
Workphone: +61 2 9557 9019
Mobile: +61 (0) 409 318 406
Created: 17 Sep 2004 | Last updated: 17 Sep 2004
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