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BNDESBelo Monte Dam Does Not Meet Equator Principles, Say Rights GroupsInternational Rivers The controversial Belo Monte Dam, slated for construction in Brazil's Amazon region, does not meet the standards of an international framework used by the world's largest private banks to evaluate sustainability, say human rights groups in Brazil. In a letter sent to Itaú, Banco do Brasil, Bradesco, Santander, and Caixa Econômica Federal, 150 Brazilian social and environmental organizations warned that Belo Monte developer Norte Energia, S.A. (NESA) has not complied with the Equator Principles, a set of voluntary standards created in 2003 that aid private financiers in assessing and managing social and environmental risk in project finance. As signatories of the Equator Principles, the five banks commit to not providing loans to projects where the borrower will not or is unable to comply with the Principles' respective social and environmental policies and procedures. Belo Monte Dam Marks a Troubling New Era in Brazil's Attitude to its RainforestBy: Karen Hoffmann, The EcologistRelated content:
Regional Judge Overturns Ban on Construction of Controversial Belo Monte DamInternational Rivers and Amazon Watch Decision allows for forest clearance and start-up of dam construction to begin, despite violations of human rights and environmental legislationRelated content:
Belo Monte and Brazil’s ‘Pandora’By: Ken Rapoza, In These TimesCan a massive dam project in the Amazon be stopped?It’s the biggest forest battle on Earth. Related content:
Developer Backing Out of Loan for Construction of Risky Belo Monte DamAmazon Watch & International Rivers Rio de Janeiro, Brazil—After learning that the Brazilian National Development Bank (BNDES) will not release funds from the $640 million bridge loan issued in late December unless Brazilian legislation is honored, the dam consortium Norte Energia, S.A. Related content:
The Tug of War Over Brazil's Belo Monte DamBy: Ken Rapoza, Wharton Business SchoolFor people opposing the construction of the Belo Monte hydroelectric dam in Brazil, the blockbuster film Avatar struck a chord. In the movie, a corporate-driven government from Earth threatens a lush, alien planet to extract precious metals. Related content:
Risky Business in the AmazonInternational Rivers New report reveals looming financial, legal and reputational disaster of Belo Monte, world's third largest dam projectBrasília and São Paulo, Brazil – The Belo Monte Dam Complex, slated to begin construction in April along the Xingu River in heart of the Brazilian Amazon, not only threatens ecological integrity and the livelihoods of indigenous peoples and other local communities but also presents tremendous risks for financiers, investors and the country's taxpayers, according to a new report issued by International Rivers and Friends of the Earth – Brazilian Amazonia. The report “Mega-Project, Mega Risks: Analysis of Risks for Investors in the Belo Monte Hydroelectric Complex" was delivered today to over 20 institutions currently or potentially involved in the project, including the Brazilian Development Bank (BNDES), pension funds and private banks, among others. Related content:
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