Thursday, April 05, 2007

icici bank efforts to cut down on paper is really laudable one. coupled with that banks such as icici should push consumers to receive statements only online, go green in their bank buildings, go smart in their electricity usage, fund more green projects involving community participation rather than brutal red tag industries, etc

but interesting banks like icici pose like good guys when it comes to environment. but on the back end side they beef up their retail portfolio by financing projects that literally screw up the livelihood and environment on which thousands of poor rural people live.

esgindia says that international finance corporation along with icici is considering funding of expansion of a paper mill that is doing massive and grave environmental injustice by pollution the majestic and crucial kali river.

funnily let us see the statement of Dr Nachiket Mor, Deputy Managing Director, ICICI Bank as quoted in the article:
Dr Mor pointed out that there were two broad approaches to the issue. First, to frame rules — do's and don'ts to ensure environmental protection — on the basis of which project finance will be made.
The second approach is to take a stand as `do whatever you want, but it will cost you to go against environment protection'.
Dr Mor said that his personal sense was that the second approach might be more practical. He said that one of the means of putting a cost on any assault on environment was to develop a carbon trading market within India.

i think these should be called, dr.mor's icici law on environment protection. as long as a weird thing such as carbon trading market exists it is okay for industries pollute, screw up and destroy the environment and it is okay to fund such projects.

on a footnote, cseindia has pointed out in their cover story how flawed cdm is in india.

but hey, when it comes to development, all we need is reasons to justify the destruction that is heaped upon our environment and rural people.


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