US dumping
A recent study by Daphne Wysham from the Washington-based Institute for Policy Studies shows that a significant portion of the US Overseas Private Investment Corporation's (OPIC's) resources are helping support fossil fuel-driven development in developing countries, creating a dependence on fossil fuels in their pursuit of economic development. This financing is ensuring a long-term strategy that threatens the developing societies, as the climate grows more unstable. In late June, US corporations announced the signing of nearly US $2 billion in sales agreements, including some related to energy and the environment, during Clinton's nine-day China visit. The deals included a US $12 million contract with Phillips Petroleum Company to explore for coal-bed methane and a US $160 million contract with General Electric to provide steam turbines for a power plants. Wysham said, "These investments are sending China the exact opposite message our climate negotiators are sending, telling China: 'Let us help you burn as much coal as quickly and cheaply as possible.' This kind of investment is creating a self-fulfilling prophecy of rising carbon dioxide emissions from developing nations." In 1997, over 76 per cent of OPIC's direct project financing was in the electric power generation and oil/gas development sectors, with a commitment of US $539 million in loans out of a total of US $707 million; 41 per cent of OPIC's entire assistance portfolio was committed to projects in the power generation sectors.
Related Content
- Inspection Report by GPCB regarding Nadiad Nagarpalika SWM site, village Kamla, Manjipura road, Nadiad, Kheda, Gujarat, 26/04/2024
- Order of the National Green Tribunal regarding construction at Mahanadi river bank near Baliyatra ground of Cuttack city, Odisha, 24/04/2024
- Order of the National Green Tribunal regarding violation of environmental norms in the construction of a hospital complex, Barasat, North 24 Parganas, West Bengal, 22/04/2024
- Order of the National Green Tribunal regarding dumping of garbage in the entire town of Silchar, Assam, 18/04/2024
- Order of the National Green Tribunal regarding removal of debris dumped at Mithi river, Mumbai, Maharashtra, 15/04/2024
- Order of the National Green Tribunal regarding cleaning of Lower Bagjola Canal, West Bengal, 08/04/2024