- Bruce Rich
- Environmental Forum
- March-April 2007
- pp. 30-35
China is becoming by far the biggest international public financial player in poorer countries, dwarfing the largest development agencies such as the World Bank. Unfortunately, the economic giant is also exporting lowered environmental and human rights standards. Projects the multilateral development banks won’t touch are being financed by Chinese banks. China’s financial rise is occuring outside the system of international environmental good practice.Beijing’s investment in Sudan’s oil production, half exported to China, has spurred a raging civil conflict and genocide in Darfur.As the world’s largest timber importer, China’s dealmaking is undermining standards in forestry. Within China, the government is strengthening domestic environmental laws and broadening public involvement. Hopefully, as financial institutions worldwide see their longterm interest in sustainability, China’s will too.
