Africa: NGO official says self-regulation for financiers & agricultural companies has failed to stop loss of livelihood; calls for "stringent controls"
"African land grabs; we cannot expect companies and financiers to regulate themselves"
The world is still feeling the impact of a financial crisis that came about because politicians believed that financiers and business, if left to compete in an environment free of government interference, will deliver optimal outcomes for themselves and society as a whole...
It is for this reason that here in Europe, Friends of the Earth are calling for strict regulation of banks, investors and pension funds that provide financial services to these palm oil, land and agricultural businesses operating in the global south. It has become increasingly evident that, despite many businesses and financiers having a sustainability policy in place, voluntary mechanisms have failed. Therefore we are calling on European institutions as well as national parliaments to install measures to regulate the financiers directly.
Laissez-faire has failed. It has failed us here in the west and it continues to fail communities across the globe. It’s high time our rules and regulations were amended to reflect that. [refers to Bidco & Wilmar]