According to a recent Financial Times report, China’s policy banks—China Exim Bank and China Development Bank—have lent more money to developing countries in the past two years than the World Bank. The polluting and extractive practices supported by some of this investment have come under fire from the news media and environmental groups. This February 24, 2011 meeting will delve into how multilateral organizations and international NGOs have become increasingly engaged in efforts to work with Chinese banks and companies to lessen the environmental impacts of their investments domestically and overseas.
Li Lin will discuss WWF-China’s Global Shift Initiative that aims to help lessen the environmental impacts of Chinese business investments domestically and globally by working with China’s financial industry, companies and the agencies that oversee trade and foreign investments.
Joining her will be Tan Xiaomei and Kirk Herbertson from WRI’s International Financial Flows and the Environment team, which in 2010 conducted field research on the Chinese National Offshore Oil Corporation (CNOOC) that recently began operations in Uganda. They will discuss their ongoing efforts to engage Chinese oil and government representatives in promoting responsible overseas investment.
Lastly, Motoko Aizawa will discuss the International Finance Corporation’s role in informing China’s green credit, insurance, and security policies and helping the Chinese Banking Commission develop monitoring mechanisms to vet the effectiveness of these policies. Success in implementing these initiatives could provide China with the experience and confidence to address the new challenges of environmental and social conduct in overseas investments.