As banks around the world gobble each other up in a disaster of mammoth proportions, there is an opportunity for institutions to truly clean house and examine their financing of projects that degrade human and environmental rights.
A group in The Netherlands, BankTrack exists “to help contribute to a private financial sector accountable to society at large, whose operations contribute to creating healthy and just societies and preserve the ecological well being of the planet.” This network of civil society organizations and individuals tracking the operations of the private financial sector identifies a slew of what they call “dodgy deals” that institutions engage in, including:
- Cluster Munitions producers
- Mines that dump toxic rubble in river systems
- Pulp and paper producers that destroy forests and harm indigenous people
- Oil pipelines that cause environmental degradation and create antagonism among sensitive populations
- Dam projects that force the resettlement of native populations
Incalculable damage has occurred because these types of projects have been financed by banks looking to make a quick buck. The culture of making a quick buck has undergone a sort of culture shock in recent times although it is sure to make a comeback in one form or another. Greed can never be underestimated, but one can hope that some of the new financial behemoths might take human and environmental rights into consideration as they recreate themselves.
One thing we can all do is visit the BankTrack website and act to ensure that this group’s vision of financial institutions that do more good than harm comes to pass.
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