Dirty Emissions and Dirty Profits – € Billions gained at the expense of people and the environment
In advance of the International Day of Human Rights (10.12), FACING FINANCE will publically launch the report entitled DIRTY PROFITS 3. The report exposes the financial relations between selected major European financial institutions and multinational companies violating human rights or environmental standards. The report is a cooperative project by civil society organisations, with research and information provided by over 30 authors from 10 countries.
It is apparent that human rights violations, corruption, exploitation and environmental and climate destruction still form part of multinational corporations and their financial investors’ business models. The current edition of the Dirty Profits report indicates serious violations of internationally established norms and standards. DIRTY PROFITS 3 analyses 25 controversial companies, with a combined revenue of €4,196 billion and a net profit of €450 billion.
Of particular interest are companies from the pharmaceutical industry, which have been implicated in serious and widespread corruption, as well as being responsible for thousands of victims related to poor clinical trials in India. The report also looks at companies that are responsible for massive CO2 emissions and in this way have contributed to the destruction of the earth’s climate.
Further harmful cases range from supermarket chains selling (German) assault rifles with no oversight, through their online-shops, to cases of multinational corporations violating labour and land rights and commodity giants disregarding human rights and environmental concerns.
The DIRTY PROFITS 3 report also analyses the extent to which European financial institutions are involved, by financially supporting these companies and so benefiting from their business. Often financial institutions such as Barclays, Deutsche Bank, HSBC, and BNP Paribas, through their financial ties, enable projects that violate human rights or destroy the environment.
During the investigation period (since 01/2012) the business relationships between the 24 financial institutions and the selected 25 controversial companies in the report amounted to approximately €144 billion. Banks’ own internal guidelines do not prevent these, as they are too often non-binding, or not applied. In addition, binding regulation is missing.
- Anne van Schaik (Friends of the Earth Europe): Palm oil, land grabbing & necessary regulations
- Regine Richter (urgewald): Investments in fossil fuels – Consequences and demands
- Rona Moran (Who Profits / Israel): International corporations and Israeli companies and their businesses in the Occupied Palestinian Territory
- Silvie Lang ( Berne Declaration / Clean Clothes Campaign Switzerland): Textile production in Bangladesh & Public Eye Awards
- Frank Vanaerschot ( FairFin / Belgium): BNP Paribas and JP Morgan – Record fines for banks, but no improvements in oversight.
- Thomas Küchenmeister (FACING FINANCE): DIRTY PROFITS 3 – Results & Recommendations
A pdf-version of this invitation can be found here.
For futher inquiries and interview requests, please contact:
Facing Finance e.V.
Schönhauser Allee 141 – Hinterhaus 2
0049 (0)175 – 4964 082