Climate advocates demand reparations from World Bank's IFC, RCBC

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MANILA — Environmental advocates have held a coordinated protest to demand climate reparations and immediate action from the World Bank&#x27;s private sector arm, International Finance Corporation, and Rizal Commercial Banking Corp.The Philippine Movement for Climate Justice <a href="https://www.inclusivedevelopment.net/wp-content/uploads/2020/12/Letter-of-Complaint-to-CAO_Phillippines-Coal-final.pdf">filed in 2017 a landmark complaint against the IFC</a> for supposedly contributing to the climate crisis as it had funded 19 coal plant projects across the Philippines through local bank RCBC.Aaron Pedrosa, co-chairman of PMCJ&#x27;s energy working group, said the IFC’s independent watchdog, Compliance Advisor Ombudsman, had launched an investigation since the filing of the historic climate action suit.&quot;Of the 19 [coal plant projects], 11 were found eligible while the 8 weren’t because some lack in clarity as to the participation of the bank because that involved bonds,&quot; he told ANC&#x27;s &quot;Rundown.&quot;He added that since the complaint was filed, &quot;there has been policy development such as the green equity approach, which now clarifies accountability of the bank involving financial intermediary.&quot;<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/06/30/17/sc-urged-to-take-action-vs-dirty-coal-projects">SC urged to take action vs &#x27;dirty coal&#x27; projects</a></li></ul>However, Pedrosa lamented that &quot;even if we win on the World Bank level, it is not felt on the ground.&quot; &quot;It has taken 5 years and so far no movement has happened on the ground. They are still experiencing the same pollution and there&#x27;s impunity on the part of projects, the corporations because even our own government has not held them to account,&quot; he added.Pedrosa asked the World Bank &quot;to ensure reparations for the impacts that the communities are now suffering.&quot;&quot;We have coal plant sites where leaders have not only been intimidated in that one has been killed in 2016 for resisting a coal plant project,&quot; he said.&quot;We have indigenous peoples who have been displaced from their communities. We have air pollution, water pollution in some sites and even a mountain was denuded consistent with the support provided by RCBC just so the coal plant project will proceed.&quot;In 2020, RCBC has said it would no longer fund coal plant projects after the Department of Energy imposed a nationwide moratorium on coal.Last month, the bank has also vowed to phase out lending to coal-fired power plants by 2031 &quot;as part of RCBC’s commitment to the environment and to the world we all live in&quot;.Coal-fired power accounts for about a fifth of the world&#x27;s greenhouse gas emissions, making it the biggest polluter. — With a report from Reuters

Environmental advocates have held a coordinated protest to demand climate reparations and immediate action from IFC and RCBC.

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Climate advocates demand reparations from World Bank's IFC, RCBC

Climate advocates demand reparations from World Bank's IFC, RCBC

ABS-CBN News

Published Apr 08, 2022 10:48 AM PHT

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ANC

Rundown

Aaron Pedrosa

Philippine Movement for Climate Justice

World Bank

International Finance Corporation

IFC

Rizal Commercial Banking Corp

RCBC

coal

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