Financial Transaction Tax feasible, says report

Fred P. Hochberg
President
Export-Import Bank of the United States
Washington, D.C.
[Via e-mail]

May 10, 2010

Re: Pascua Lama

Dear President Hochberg,

It has come to our attention that the Ex-Im Bank has received a request to finance the binational Pascua Lama mine. We are writing to strongly urge that the Ex-Im Bank reject financing for the Pascua Lama mine.

IMF, European Union look to bail out Greece
Greece’s debt crisis is finally coming to a head, with International Monetary Fund (IMF) loans to deal with the country’s deficit and heavy debt load being hammered out in Athens. The European Union and the IMF are negotiating the terms of a bailout as fears mount that Greece’s crisis could soon spread to other countries in Europe and beyond. Other nations carrying significant debt loads, including the United States, are concerned that the Greek crisis is a harbinger of things to come, closer to home.

The corporate responsibilty to respect human rights
Detractors of Private Member’s Bill C-300 (IU February 2009) draw attention to the bill’s treatment of human rights. The bill establishes guidelines for Canadian extractive companies that operate overseas. These guidelines must be met by companies that receive support from Export Development Canada, the Canadian Pension Plan and Canadian embassies. The guidelines are to include provisions based on Canada's international human rights obligations.

Brussels, 26 March 2010

Mr. Steve Tvardik
Head, Export Credits
Organization for Economic Cooperation and Development
Paris, France

Dear Mr. Tvardik,

Thank you for the opportunity to provide comments on the on-going review of the Sector Understanding on Export Credits for Renewable Energies and Water Projects (Sector Understanding) by the Participants to the Arrangement on Officially Supported Export Credits (Participants).

We have outlined our comments starting with our overall concern about ECA financing of fossil fuels and then following this up with specific inputs to sections of the Sector Understanding. It ends with a short conclusion bringing together the main issues to concentrate on.

Overall Issue: The need to end fossil fuel financing

Government accountability bill returns to the House
On March 3, the Governor General will open a new session of Parliament, ending the recess created when the Harper government prorogued the previous session in December. All legislation that was under consideration at that time was extinguished, with the exception of private members’ bills, which return to the House, unscathed. These bills begin anew at whichever stage of the legislative process they had reached before the plug was pulled on Parliament.

CSOs push for Common Approaches revamp
Members of the Organisation for Economic Co-operation and Development (OECD) are currently reviewing a 2007 Council Recommendation regarding export credit agency (ECA) operations. The Recommendation on Common Approaches on the Environment and Officially Supported Export Credits (Common Approaches) is a “gentlemen’s agreement” that seeks to establish a level playing field regarding ECA environmental practice. CSOs argue that the Recommendation’s impact is undermined by the lack of effective accountability mechanisms to ensure consistent and effective application by member governments.

Volume V, Number 11— November 30, 2009

Corporate Accountability Hearings Heat Up

Corporate Accountability Hearings Heat Up
Things were hopping this month in Parliamentary hearings on Bill-300, An Act respecting Corporate Accountability for the Activities of Mining, Oil or Gas in Developing Countries (see IU February 2009). The Bill was presented before the Parliamentary Standing Committee on Foreign Affairs and International Development by MP John McKay on May 25. This month Committee members heard riveting testimony from diverse witnesses (see JUST THE FACTS). Speakers included: Romina Picolotti, former Secretary of the Environment for Argentina and winner of the prestigious Sophie Prize for environment and sustainable development; Stephen Hunt, former mine worker and current Director at the United Steelworkers union; Marketa Evans, the federal government’s new Corporate Social Responsibility Counsellor; and mining companies Barrick Gold, Goldcorp and Kinross.