As mining projects in South Africa and Peru face violent opposition, critics are questioning the stakes held by the International Finance Corporation (IFC, the World Bank's private sector arm) in the corporations at the centre of the controversies. New IFC funding for mining projects in Mongolia and Guinea is also causing alarm, leading to a call for a return to the recommendations of the 2005 Extractive Industries Review.
As the World Bank officially stepped into its role as interim trustee of the United Nations Framework Convention on Climate Change's (UNFCCC) new Green Climate Fund (GCF), its track record on fossil fuel investments continues to raise concerns.
With the World Bank's safeguards review due to be launched, indigenous groups and civil society organisations (CSOs) called for it to be rigorous and extensive. Meanwhile, the environmental and social track record of the Bank and its private sector arm, the International Finance Corporation (IFC), has come under scrutiny in India, Colombia and Brazil.
In May, the Compliance Advisor/Ombudsman (CAO), the accountability mechanism of the International Finance Corporation (IFC, the Bank's private sector arm), closed the Maple Energy case, despite a new oil spill in April.
The IFC should terminate its support to MRL's Philippine mining venture for not following their guidelines, and more than that, for ignoring the Philippine law concerning indigenous peoples.
The IMF has agreed to release $133 million to Angola, despite calls for the Fund to withhold the disbursement until the Angolan government accounts for a $32 billion "discrepancy" in its public accounts.
Minutes of afternoon sessions of extractives conference, Washington DC, 23 April 2012
Minutes of IFC and extractives meeting, Washington DC, 21 April 2012
Notes of meeting, Spring meetings 2012, Washington DC
As World Bank projects fail to reduce corruption in the mining sector in the Democratic Republic of Congo (DRC), International Financial Corporation (IFC) investments in extractives are provoking complaints and protests around the world.