Following on from yesterday’s post about the call from accountancy firm KPMG for companies to pay for the environmental damage their operations cause, here is a video from the Network for Justice in Global Investment.
Bringing the World Bank’s International Centre for the Settlement of Investment Disputes out of the shadows
The nine-minute videotape’s about resistance across many South American countries to the World Bank’s International Centre for the Settlement of Investment Disputes (ICSID). Transnational corporations use this little-known organisation to demand compensation from governments that have prevented them from operating in their countries, because of the environmental damage they would cause. ICSID basically provides a way for transnational corporations to override democratic decisions and economic sovereignty, overpowering governments in the pursuit of profits above all other considerations.