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EU: NGOs call on MEPs to strengthen human rights dimension of sustainable finance taxonomy in crucial vote

'MEPs must shun calls to weaken curbs on environmental and human rights abuses', 27 March 2019

This op-ed is supported by Oxfam, Global Witness, ShareAction, Action Aid and BHRRC.

...On Thursday, this European Parliament has its chance to define a framework for “sustainable investment”, during the vote on a Regulation for a framework to facilitate sustainable investment or the so-called Taxonomy Regulation.

This will go one of two ways. Either MEPs will vote for amendments which set out firmer rules on what a sustainable economic activity for investment purposes is...

Or MEPs will vote to water down these legislative proposals on environmental, social and governance risks (or ESG)... and choose to focus on only the environmental side, disregarding the social and governance risks.

...Therefore, it is crucial that MEPs vote for those amendments tabled in Plenary, which ensure that Social and Governance Risks – as well as Environmental Risks – are properly covered in sustainable activities and investments. Without these properly accounted for, they risk giving a green stamp to investments that are environmentally friendly on the face of it without ensuring they have strong mechanisms in place to avoid land grabs and attacks on indigenous people who provide effective environmental safeguards...

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