Extract: The Principles of Ecuador’s ten principles for international bank loans that are harmful to the poor nations. Under pressure from environmental groups, Citibank, JP Morgan Chase, Bank of America and 76 banks in 32 countries have adopted the Principles. These standards require banks to lend to “an environmentally and socially responsible, ” that sounds good. But a higher goal of the principles of Ecuador is a “promote the reduction of emissions that contribute to climate change change.” The loan capital is limited to coal mines, oil refineries and other hydrocarbon projects desperately need to build economies of developing nations ….
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