tag:blogger.com,1999:blog-30677543.post-1161099134590807882006-10-17T08:10:00.000-07:002006-10-17T08:32:14.610-07:00<a href="http://photos1.blogger.com/blogger/1624/3295/1600/FONDO1.gif"><img style="FLOAT: right; MARGIN: 0px 0px 10px 10px; CURSOR: hand" alt="" src="http://photos1.blogger.com/blogger/1624/3295/320/FONDO1.gif" border="0" /></a><br /><span style="font-family:courier new;">Two huge paper-pulp mills are under construction near the Uruguay River. Some people says that the chlorine technology that will be used in the bleaching processes will result in toxic effluent and noxious gases. Those, they fear, will pollute the river and contaminate the atmosphere, not to mention the local tourism industry.</span><br /><span style="font-family:Courier New;">Spanish timber giant <strong>Ence</strong> and Finland's Botnia, the two companies behind the mills, insist such fears are groundless. Both says the plants will meet european standards, as well as those of environmental regulators in Uruguay.</span><br /><span style="font-family:Courier New;"><strong>Ence</strong> and Botnia are both looking to international debt markets to help fund the mills, wich are expected to cost about $600 million and $1,2 billion respectively. After sustained public pressure, dutch bank <strong>ING, </strong>that help finance Botnia mill, announced in April that it would not continue in its advisory role for Botnia.</span><br /><span style="font-family:Courier New;">ING's backtracking has inspired environmental groups to target spanish bank <strong>BBVA</strong> and french bank Calyon<strong>. </strong>Both are members of the Equator Principles and they say that while they haven't yet decided whether to help finance the mills, their decision will depend largely on the results of an environmental-impact assessment by the International Finance Corp., the private-sector lending arm of the World Bank. </span><br /><span style="font-family:Courier New;"></span><br /><span style="font-family:Courier New;">By singing the Equator Principles, banks are drawing a line about who they are, as well as making it clear to clients what they need to do to get their money.</span><br /><span style="font-family:Courier New;"></span><br /><span style="font-family:Courier New;">Ultimately, banks are in the business of managing risk, and environmental disasters are risky affairs. Bankers may not buy into saving the planet, but they understand protecting their money!!!</span>Albert Hereuhttp://www.blogger.com/profile/08430946731024458054noreply@blogger.com