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These cover story articles, in Environmental Forum, the policy journal of the Environmental Law Institute, address international environmental issues, developing countries, and development finance and institutions, including issues such as the environmental role of export finance and Export Credit Agenies (ECAs), corruption in the lending of the World Bank and other multilateral development banks, and the undermining of international environmental and governance standards by growing Chinese finance in the developing world.
Known by its people as Euskadi, a small European region with its own culture has evolved into one of the most environmentally progressive, globally competitive, socially inclusive economies in the world through clear priorities and careful planning to implement them.
China is becoming 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.
Corrupt businesses, politicians, and cronies are stealing hundreds of billions of dollars from the globe’s poorest people. The World Bank and other multilateral development lending institutions too often ignore this corruption and capital flight, despite numerous reform efforts.
This is the story of how the Export Credit Agencies of major exporting coutries operated under a cloak of secrecy with a mandate to promote domestic businesses abroad at almost any social cost. Since 2000 when this article was written there has been progress in establishing within the OECD a voluntary agreement on minimal environmental and social standards,...