Note: This site looks much better on an standard compliant browser, however, the site content is accessible with any device connected to the Internet.
Go directly to the page content.
This web site was designed in accordance with
international norms on accesibility for persons with disabilities.
Last Update: July 16, 2008
Cambiar a Versión en Español
- Paper Pulp Mills - Uruguay
- Corporate Accountability and Human Rights
- Climate Change and Human Rights
ING GROUP says it would not finance Pulp Paper Mills if Argentina did not Agree to Investment
December 29, 2005 – Argentina. The ING Group of Holland, which is slated to provide an important portion of the financing needed for a pulp paper mill investment in Fray Bentos Uruguay, responded to the Equator Principle Compliance Complaint filed by CEDHA that IT WOULD NOT finance projects that do not comply with the Equator Principles, and particularly that financing to the Uruguayan papermills would be contingent on approval of the Binational Technical Committee of the Uruguay River (CARU). With this requirement, if the Argentine government opposed the installation of the mills, which is the case presently, ING Group would withdraw its support to the investment.
Presently, ING GROUP is reviewing the Cumulative Impact Study published on December 19 by the IFC as well as the Equator Principle Compliance Complaint filed by CEDHA on December 9th, denouncing violations to the Equator Principles, an agreement reached by 30 banks to comply with IFC social and environmental protection policy.
The compliant filed by CEDHA to ING Group on December 9th, was the first such complaint ever filed to an Equator Bank to uphold its commitment to social and environmental norms for largescale investment projects. CEDHA requests that ING sustain its commitments to the Equator Principles, which bind signatories of the Equator Principles to work towards sustainable development and make responsible investments that respect the social and environmental safeguard policies established by the International Financial Corporation.
There is still no mechanism available to evaluate compliance complaints of this sort. This particular case is already being audited by the CAO, and will serve as an important test to measure Equator Banks’ commitment to and the effectiveness of the principles.
Given the report of the CAO, which sustains that the pulp paper mill projects in Uruguay violate the World Bank’s social and environmental safeguards, and that there was no prior consultation with affected stakeholders (a key compliance element of the Equator Principles), and considering that a great number of human rights violations have been denounced in these projects, CEDHA requests that ING Group suspend all consideration of financing the mills, and that a proper and extensive investigation ensue as to compliance with the Equator Principles as well as that ING adhere to the position and recommendations of the CAO which has already come out against these projects and has proceeded to a formal audit. CEDHA also requests that ING publicly inform its clients, stockholders, stakeholders, and the general public, with regard to its position on the suspension of financing (or not) to these projects.
More Information
For more information please contact:
Center for Human Rights and Environment (CEDHA)
General Paz 186, 10A
Córdoba, 5000 ARGENTINA
Tel/Fax: 54 351 425 6278
Cel: 00 54 351 625 3290
http://www.cedha.org.ar
