🐔 Independent experts will investigate the International Finance Corporation’s investments in Ukrainian giant Myronivsky Hliboproduct, known as MHP, to determine if financing aligns with environmental and social standards. The Compliance Advisor Ombudsman will examine whether the International Finance Corporation adequately assessed and mitigated the risks associated with US$ 451.25 million for investments from 2003 to 2023 in Ukraine's largest poultry producer MHP. 👁️‍🗨️ The assessment report aligns with the concerns of local communities and indicates potential harm and non-compliance with the IFC’s environmental and social policies, including: 🚰Environmental impacts on air, water, and soil pollution, including potential damage to local communities’ infrastructure; 👨‍⚕️Social concerns: consultations and information disclosure for communities, health impacts, and working conditions; 🐔The inadequate assessment and categorisation of environmental and social impacts for investment projects, along with the oversight of a production site of this scale (approximately 300 million chickens raised and processed annually), is concerning. Stay tuned for updates on this case, highlighting the importance of responsible investments & lessons learned for Ukraine’s reconstruction that meets the needs of local communities and the environment. Read the full report here: https://www.cao-ombudsman.org/sites/default/files/downloads/ComplianceAppraisal-Ukraine-MHP01-February2025-ENG.pdf Екодія IFC - International Finance Corporation European Bank for Reconstruction and Development (EBRD) (fb)

🔍 NEW REPORT: Where vested interests lie: An analysis of Kazakhstan’s coal, oil and gas industries New investigation by Bankwatch and Echo exposes the disconnect between Kazakhstan’s climate pledges and its energy reality. While committing to carbon neutrality by 2060, the country continues signing fossil fuel contracts extending to 2068 – a paradox demanding urgent scrutiny. What did we find? ⛏️ The reality of coal: the figures convey a stark narrative: Researchers Maria Lobacheva and Tatyana Sedova from Echo discovered Kazakhstan possesses coal reserves of 170.2 billion tonnes and oil reserves of 4.4 billion tonnes which are estimated to sustain current mining capacity for the next 300 years. While the government promises carbon neutrality by 2060, new production contracts are being signed that extend to 2068. This fundamental contradiction poses serious questions regarding the country’s commitment to energy transition. 🌍 International Influences: International players continue to deepen their stakes: US companies dominate major oil projects, with Chevron holding a 50% stake in Tengiz. Russian influence is expanding through new ventures, while Chinese interests are growing, particularly in the development of coal chemistry. European companies maintain significant positions in the Kashagan and Karachaganak fields. ⚠️ Hidden Costs: The most concerning issue is the complete lack of transparency regarding major contracts and the absence of clear sectoral decarbonisation strategies. At the same time, mining regions are heavily dependent on fossil fuels, while the Caspian Sea ecosystem bears the burden of environmental damage. ✅ What is the path forward? For the Kazakh government: Ensure full transparency of fossil fuel contracts, develop sector-specific decarbonisation strategies, and engage communities in a just energy transition. For international governments and state-owned companies: Adhere to transparency, accountability, and human rights standards in all projects. For Kazakh civil society: Advocate for contract disclosure, anti-corruption frameworks, and public dialogue on extractive industries. For international financial institutions and donors: Redirect funding from fossil fuels to renewables, support civil society, and address risks for communities during the transition. ⏰ Time for Change: Kazakhstan stands at a crossroads. Will it embrace true climate leadership or remain locked into fossil fuels beyond its own carbon neutrality target? Read our full report: https://bankwatch.org/publication/where-vested-interests-lie-an-analysis-of-kazakhstan-s-coal-oil-and-gas-industries (fb)