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Emerging Actors inDevelopment FinanceA CLOSER LOOK AT BRAZIL’S GROWTH, INFLUENCE AND THE ROLE OF BNDES
Topics         Introduction         The Changing Global Landscape         Brazil Takes Off         BNDES Promotes Brazil, ...
IntroductionSouth-South financialflows are changing thenature of developmentfinance and assistance.Between 2009 and 2010,t...
IntroductionWhy Focus on Brazil’s National Development Bank (BNDES)?• Financial engine behind the country’s domestic boom•...
Topics         Introduction         The Changing Global Landscape         Brazil Takes Off         BNDES Promotes Brazil, ...
A New Geography of Growth   Projected shifts in CountryRankings by GDP (PPP), 2010‐2020                                   ...
Expanding South-South TradeSouth-South trade is clearly adynamic force in the globaleconomy. While world tradeexpanded fou...
Topics         Introduction         The Changing Global Landscape         Brazil Takes Off         BNDES Promotes Brazil, ...
Brazil Takes Off          2001:                          2007 & 2010: Brazil adopted                                      ...
Brazil Becomes an International Player                   Brazil Outward FDI (US$ billion)       35       30               ...
Major Drivers of Brazil’s Foreign Policy • Regional integration enables Brazil to reach new markets, expand exports,   inc...
TopicsIntroductionThe Changing GlobalLandscapeBrazil Takes OffBNDES Promotes Brazil, Inc.BNDES Safeguards and LawsA More D...
State-Owned Banks: Money for GrowthMain State-Owned Financial Institutions in Brazil Multiple functions. Focus on urban in...
BNDES Promotes Brazil, Inc.                         Total lending comparison of public financial                          ...
BNDES Promotes Brazil Inc.                    BNDES Volume of Loans Over Time (R$ billion)Source: BNDES Annual Report 2011
BNDES Promotes Brazil, Inc. Distribution of Loans into Sectors in                        BNDES Total Disbursement in 2011:...
BNDES Promotes Brazil, Inc.Examples of BNDES offshore financing                         Venezuela: Hydroelectric, Metro, S...
Scale of Brazil’s Growing Investmentsin Africa•   Main Interest: Market                         Brazil – Africa Trade (in ...
Source: “Bridging the Atlantic” Report, World Bank. December 2011.Available at:http://web.worldbank.org/WBSITE/EXTERNAL/CO...
Topics         Introduction         The Changing Global Landscape         Brazil Takes Off         BNDES Promotes Brazil, ...
BNDES Environmental and Social Policies1976: Partnership with Special Secretary for the Environment (old Ministry of Envir...
BNDES Sector Guidelines• Currently, BNDES is preparing environmental and social guidelines –  detailed studies of all soci...
The Green ProtocolThe Brazilian financial system started its actions in support of sustainability through   the Green Prot...
BNDES Environmental Screening                                                        The FRAMING AND CREDIT COMMITTEE    F...
Brazil has a solid environmentallegislation frameworkConstitutional Provisions: Right to ecologically balanced environment...
BNDES Monitoring of Compliancewith Environmental RequirementsThe Bank uses different mechanisms to monitor the project’s c...
Example of Stakeholders’ Concerns High impact projects financed by BNDES (e.g. Jirau and Santo Antonio, and Belo Monte dam...
Topics         Introduction         The Changing Global Landscape         Brazil Takes Off         BNDES Promotes Brazil, ...
BNDES within the Structure of theBrazilian Government                                  Brazilian Federation        Legisla...
Overview of the BNDES System                                                                                           FIN...
Overview of the BNDES System                        Funding Sources                                                       ...
BNDES Non-Reimbursable Funding                         Forests and            Sustainable                      Protected A...
BNDES Participation in Private Equity Funds    Climate Fund                                   Alternative         Energy  ...
Who is who: focus on environmental andsocial divisions                                       Director: Guilherme          ...
Decision Making for Infrastructure Projects            The Government, through one of its Ministries, defines a project wh...
Topics         Introduction         The Changing Global Landscape         Brazil Takes Off         BNDES Promotes Brazil, ...
WRI’s WorkWRI’s work on emerging actors indevelopment finance is led by theInternational Financial Flows and theEnvironmen...
A WRI Influence Strategy              Three-linked Influence Strategy                             Engage policymakers to d...
Thank YouInformation in this PowerPoint is drawn from a forthcoming WRI scopingpaper on emerging actors in development fin...
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Emerging Actors in Development Finance: A Closer Look at Brazil's Growth, Influence and the Role of BNDES

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Emerging Actors in Development Finance: A Closer Look at Brazil's Growth, Influence and the Role of BNDES

  1. 1. Emerging Actors inDevelopment FinanceA CLOSER LOOK AT BRAZIL’S GROWTH, INFLUENCE AND THE ROLE OF BNDES
  2. 2. Topics Introduction The Changing Global Landscape Brazil Takes Off BNDES Promotes Brazil, Inc. BNDES Safeguards and Laws A More Detailed Look at BNDES WRI’s Work & Influence Strategy
  3. 3. IntroductionSouth-South financialflows are changing thenature of developmentfinance and assistance.Between 2009 and 2010,two Chinese state-ownedbanks lent more money toother developing countriesthan the World Bank.[1]During the recent financialcrisis, Brazil invested $10billion in InternationalMonetary Fund bonds, astriking example of thecountry’s transformationfrom a debtor to creditor.[2]Expanding South-South trade and investment provides welcome and needed sources ofcapital for countries in Africa, Asia, and Latin America. At the same time, these financial flows– coupled with the emergence of powerful financial actors from China, India, Brazil, and othereconomies – may pose new challenges for environmental and social sustainability.
  4. 4. IntroductionWhy Focus on Brazil’s National Development Bank (BNDES)?• Financial engine behind the country’s domestic boom• Pivotal role in Brazil’s growing international economic presence• Key player in South-South focused development• BNDES Mission: “To foster sustainable and competitive development in the Brazilian economy, generating employment while reducing social and regional inequalities .”
  5. 5. Topics Introduction The Changing Global Landscape Brazil Takes Off BNDES Promotes Brazil, Inc. BNDES Safeguards and Laws A More Detailed Look at BNDES WRI’s Work & Influence Strategy
  6. 6. A New Geography of Growth Projected shifts in CountryRankings by GDP (PPP), 2010‐2020 Relative shifts in economic power and political influence are reconfiguring the global context for sustainable development policy. We are currently witnessing what the OECD terms “the new geography of growth” – “a 20-year structural transformation of the global economy in which the world’s economic centre of gravity has moved towards the East and South.” Trends indicate that developing economies will “account for 57% of world GDP by 2030.” [3] Despite sharp differences among members, the G-20 is supplanting the G-8 as the primary vehicle for global economic policy coordination.[4] Large emerging market economies are defining their own approaches to development cooperation, governance issues, and environmental and social sustainability outside of many existing normative frameworks. Source: Euromonitor International
  7. 7. Expanding South-South TradeSouth-South trade is clearly adynamic force in the globaleconomy. While world tradeexpanded four-fold between1990-2008, South-South tradegrew more than ten times.Developing countries nowaccount for around 37% ofglobal trade, with South-Southflows making up about half ofthat total (19% of global trade).[5]In 2009, for example, Chinasurpassed the US as Africa’slargest trading partner. [6] Sino-Africa trade volumes exceeded166 billion US dollars in 2011. [7]
  8. 8. Topics Introduction The Changing Global Landscape Brazil Takes Off BNDES Promotes Brazil, Inc. BNDES Safeguards and Laws A More Detailed Look at BNDES WRI’s Work & Influence Strategy
  9. 9. Brazil Takes Off 2001: 2007 & 2010: Brazil adopted Growth Acceleration Per Capita GDP: US$ 3,133[1] Programs (PACs), major FDI Inflows: US$ 22,500 multiannual stimulus billion[2] packages to accelerate economic growth, reduce poverty, and counter the global economic recession. 2011: President Rousseff 2011: launched Plano Brasil Maior, her administration’s growth- Per Capita GDP: US$ 11,600 oriented industry, technology FDI Inflows: US$ 66,700 and foreign trade policy billion[3]
  10. 10. Brazil Becomes an International Player Brazil Outward FDI (US$ billion) 35 30 28.38 25 20 20 15 10.81 11.6 10 9.8 5 2.3 2.5 2.5 0 0.2 -1 -2.2 -5 -10 -10 -15
  11. 11. Major Drivers of Brazil’s Foreign Policy • Regional integration enables Brazil to reach new markets, expand exports, incorporate the Amazon into Brazil’s productive space, and increase its regional influence. • IIRSA Initiative (Initiative for Integration of Regional Infrastructure in South America, 2000-2010): joint program of South American governments to promote integration through the modernization of transportation, energy and telecommunication infrastructure. • Financial Institutions, including BNDES, CAF, FONPLATA, BANDES, KfW, JBIC, EIB, IFC, IDB, Caribbean Development Bank, and private financial institutions support IIRSA projects. • Transnational corporations played a critical role in this initiative, facilitated by governments through supportive policies, laws, agreements and low interest loans from public financial institutions • UNASUR and COSIPLAN (South-American Council on Planning and Infrastructure): , responsible for making the selection of high-impact infrastructure projects for South-America’s integration and development.
  12. 12. TopicsIntroductionThe Changing GlobalLandscapeBrazil Takes OffBNDES Promotes Brazil, Inc.BNDES Safeguards and LawsA More Detailed Look atBNDESWRI’s Work & InfluenceStrategy
  13. 13. State-Owned Banks: Money for GrowthMain State-Owned Financial Institutions in Brazil Multiple functions. Focus on urban infrastructure, housing and sanitation Development of the Amazon region and reducing inequalities National Development Bank Development of the Northeast Multiple functions. Focus on rural credit, agri-business, region and reducing inequalities foreign commerce
  14. 14. BNDES Promotes Brazil, Inc. Total lending comparison of public financial institutions 2011 (US$ billions)Source: 2011 Annual Reports
  15. 15. BNDES Promotes Brazil Inc. BNDES Volume of Loans Over Time (R$ billion)Source: BNDES Annual Report 2011
  16. 16. BNDES Promotes Brazil, Inc. Distribution of Loans into Sectors in BNDES Total Disbursement in 2011: 2011 (%) R$ 139.7 billion 1 Infrastructure 6% 7 Industry Big Enterprises 20% 21 40 Trade & Services Medium Enterprises Agriculture Small and Micro 10% 64% Enterprises 31 Others (including Persons environment)Source: BNDES Annual Report 2011
  17. 17. BNDES Promotes Brazil, Inc.Examples of BNDES offshore financing Venezuela: Hydroelectric, Metro, Steel BNDES backs Brazilian Industry Colombia: Urban Transport Guyana: Road, Port, Hydroelectric companies that participate in Transmillenium Suriname: Port international public biddings for Ecuador: infrastructure projects. Hydroelectric Peru: In 2003 BNDES created a Hydroelectrics, Roads specific credit line for the Bolivia: Roads internationalization of Brazilian Paraguay: companies. The goal is that they Transmission Uruguay: Lines contribute to the social and Chile: Thermoelectric, economic development of Brazil Metro Expansion, Gas Line Transantiago Argentina: by reaching new markets, Hydroelectrics, learning new technologies and Gasoducts, Mining promoting Brazil.Source: Lissardy, Gerardo, “BNDES impulsiona maior presença brasileira na América Latina”, BBC Brasil, November 9, 2011
  18. 18. Scale of Brazil’s Growing Investmentsin Africa• Main Interest: Market Brazil – Africa Trade (in US$ billion) expansion. Oil, minerals, construction, agribusiness, biofuels.• Africa is Brazil’s 4th largest trading partner (behind China, Argentina, USA)• Trade with Africa in 2010: USD 20 billion• The bulk of Brazil’s investment in Africa has been financed by BNDES and carried out by national champions or state enterprises• Construction: Odebrecht, Camargo Correa, Andrade Gutierrez , Queiroz Galvão• Oil and Mining: Petrobras and ValeSource: Ministry of Trade and Development website. Available at:http://www.mdic.gov.br/sitio/interna/interna.php?area=S&menu=2477&refr=576
  19. 19. Source: “Bridging the Atlantic” Report, World Bank. December 2011.Available at:http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/AFRICAEXT/0,,contentMDK:23061951~pagePK:146736~piPK:226340~theSitePK:258644,00.html BNDES Promotes Brazil, Inc.
  20. 20. Topics Introduction The Changing Global Landscape Brazil Takes Off BNDES Promotes Brazil, Inc. BNDES Safeguards and Laws A More Detailed Look at BNDES WRI’s Work & Influence Strategy
  21. 21. BNDES Environmental and Social Policies1976: Partnership with Special Secretary for the Environment (old Ministry of Environment) and adoption ofchecklist for environmental and labor legislation as a policy for socio-environmental assessment1989: first Environmental Unit created in BNDES (develop knowledge, provide technical support foroperational areas, propose programs and credit lines). Environmental requirements start to be applied1994: BNDES signs UNEP-FI’s letter of Principles on Sustainable Development for Banks1995: BNDES signs Green Protocol1996: BNDES Resolution 874: BNDES will only finance projects that obey environmental and laborlegislation and are energy efficient1999: BNDES adopts environmental policy signaling that credit risk is directly proportional to risk of damageto be caused by a project2003: Environmental Guides for a systematic environmental analysis of projects during framing, analysis,risk assessment and monitoring (Environmental Unit inoperable between 2003-2004)2006: New Environmental Policy2008: Green Protocol revised2009: Environmental Area to report directly to the Board of Directors (analyzes operational, credit andinvestment activities)2010: There are two policies: “Social and Environmental Corporate Responsibility” and “SocioenvironmentalPolicy”. The socioenvironmental policy applies to the entire BNDES system replacing previousenvironmental policy.
  22. 22. BNDES Sector Guidelines• Currently, BNDES is preparing environmental and social guidelines – detailed studies of all social and environmental implications and considerations of a specific project type• It remains to be seen whether these guidelines address all implications• These guidelines form the basis of the policies BNDES will apply to its entire direct investment portfolio• Provide comprehensive information relevant to the sector in the Brazilian context• The following three sector guidelines have been published • Meat-packing • Sugar and ethanol • Energy generation from fossil fuels• More in the pipeline or not disclosed: solid waste; water and sewage, biomass thermopower; hydropower; coal; silviculture• Future sector policies to be drafted after approval of corresponding guidelines
  23. 23. The Green ProtocolThe Brazilian financial system started its actions in support of sustainability through the Green Protocol, signed by public banks in 1995 (revised in 2008).Principles1) Offer credit lines and programs that support life quality of the population and the sustainable use of natural resources;2) Consider socioenvironmental costs and impacts on the risk analysis of projects; (ie: safeguards);3) Promote the rational use of natural resources and its products on internal processes;4) Continually inform and engage stakeholders on sustainable policies and practices;5) Promote cooperation and integration of efforts between the Protocol signatory institutionsWhat BNDES did for each1) Developed financing lines and programs for social and environmental investment projects.2) New Operational Policy that determines that the environmental risk of projects should be included on the calculation of the total project risk, which happens at the framing phase.3) Energy, water and office supplies consumption reduction; recycled paper; internal sustainable consumption policy.4) Environmental analysis preparatory course for new employees.5) Meetings with the Ministry of Environment, the Central Bank and the Federation of Banks (Febraban) to set a series of sustainable practices, criteria and operations.
  24. 24. BNDES Environmental Screening The FRAMING AND CREDIT COMMITTEE FRAMING approves the project and sends back to client with recommendations. Chooses the Operation Area. Dept. of Priorities & Credit Area • The Loan Requester fills out a Questionnaire ANALYSIS that includes business location and Selected Operation Area characteristics; environmental visions and - Assesses the project’s main practices of Company; Environmental License environmental and social impacts, status; Existence of Environmental applies the sectoral guidelines Debentures. - Structures project and formulates the • Credit Area classifies the Project according to conditionings. the Environmental Risk in: A(high): dams, hydro and thermoelectric; roads,… B (presents risk): recuperation/modernization of existing infrastructure The Board of Directors approves the Operation Area’s C (no risk) Analysis Report APPROVAL/CONTRACT Projects outside of Brazil now undergo • Upon compliance to tax, labor, social and an environmental screening, observing environmental laws • Installation License required the specificities of the sector and of the • Conduct Adjustment Term host country’s legislation. • Meeting of all conditionings
  25. 25. Brazil has a solid environmentallegislation frameworkConstitutional Provisions: Right to ecologically balanced environment. Federal, state andmunicipal levels of government can define environmental standards and grant environmentalpermits.National Environment Policy: Defines polluter as responsible directly or indirectly for causingenvironmental harm. Requires environmental licenses for activities that use natural resources andmay cause environmental degradation.Environmental Information Law: Access to public documents on environmental quality, programsimpact, and results from environmental monitoring. Public authorities may require private entities toprovide information on potential environmental impacts of their activities.National Policy on Climate Change: Addresses emissions, deforestation, energy. Funded in partby Amazon Fund, managed by BNDES.Environmental Licensing Law: Requires Environmental Impact Assessment and EnvironmentalImpact Report for the issue of licenses. 3 stage licensing process: preliminary license (approvinglocation/design), installation license (authorizes installation according to environmental mitigationmeasures) and operation license (confirms previous requirements were met).Brazil also has Access to Information Law, Environmental Crimes Law, and is a member ofOAS, and a party of ILO Conventions, the Washington Convention on the Settlement ofInvestment Disputes, GATs and TRIMs Agreements, etc.
  26. 26. BNDES Monitoring of Compliancewith Environmental RequirementsThe Bank uses different mechanisms to monitor the project’s compliance toenvironmental clauses and conditionings in the contract:1) Company’s duty to be accountable on their environmental performance to BNDES2) On-site visitsThe Bank acknowledges that there is significant room for improvement especially onthe monitoring phase.The fact that not all sectoral policies are ready does not impede the Bank to - on theproject analysis phase - draft specific demands for the project in order to avoidenvironmental and social problems.In addition, in 2003 BNDES created an ombudsman to channel complaints andsuggestions from third parties. However, 2010 data indicates a response to only11.3% of the total messages received.
  27. 27. Example of Stakeholders’ Concerns High impact projects financed by BNDES (e.g. Jirau and Santo Antonio, and Belo Monte dams, numerous others in the past) and questions over the effectiveness of development finance have raised concerns among many civil society organizations and networks. Example: Plataforma BNDES coalition • Network of civil society organizations created in 2007 • Complains BNDES socio-environmental policies are being drafted without civil society consultation, existing policies are ineffective because of insufficient control and monitoring from the Bank, and BNDES lacks transparency and participation. • Specific demands1 1. Information on potential environmental risks of Bank projects; project framework for each line of financing; project approval criteria; risk assessment methodology; companies and projects that benefit from BNDES investment outside Brazil. 2. Adoption of social and environmental criteria in the loan analysis and approval process with participation of civil society representatives; rigorous monitoring on compliance. 3. Development of policy to remedy social and environmental liabilities of BNDES- financed projects 4. Rigorous application of social clauses in BNDES financed projects 5. Increased lending for micro and small businesses 6. Pro-active role for BNDES in financing investments that diversify Brazils energy matrix and its production structure
  28. 28. Topics Introduction The Changing Global Landscape Brazil Takes Off BNDES Promotes Brazil, Inc. BNDES Safeguards and Laws A More Detailed Look at BNDES WRI’s Work & Influence Strategy
  29. 29. BNDES within the Structure of theBrazilian Government Brazilian Federation Legislative Executive Judiciary Ministry of Development, Industry and Foreign Other Ministries Trade BNDES
  30. 30. Overview of the BNDES System FINEM Internationalization of companies; capital goods (projects > R$10 million) BNDES Automatic Expansion, modernization of companies Direct financing (projects < R$ 20 million) BNDES Indirect financing Administrative Mixed financing Council BNDES Card International operations Exim Brasil through pre shipping and post shipping Project Finance Subsidiary that helps with BNDES System BNDES Ltd. London internationalization of Brazilian companies Indirect finance of FINAME acquisition of machines and equipment Board of Directors Investment arm through BNDESpar private equities, venture capital and debentures
  31. 31. Overview of the BNDES System Funding Sources Funds for Workers’ Federal Treasury environmental and Fund (FAT) (L11948 and sustainable projects 12249) Direct financing Amazon BNDES BNDES Indirect financing Fund (International) Others Mixed financing Operations BNDES Technology Fund International operations Exim Brasil through pre-shipping (FUNTEC) and post-shipping BNDES Mata Subsidiary that helps Atlantica Ministry of withDevelopment, Industry BNDES System BNDES Ltd. London internationalization of and Commerce Vale Florestar Brazilian companies Fund Indirect finance of FINAME acquisition of machines Caixa Ambiental and equipment Fund Organs BNDES is accountable to Investment arm through Climate Fund National Court National BNDESpar private equities, venture (Fundo Brasil of Audit Monetary capital and debentures Sustentabilidade) (congress) Council ECOO11 National Central Bank Comptroller’s 31 Office
  32. 32. BNDES Non-Reimbursable Funding Forests and Sustainable Protected Areas in Activities in the the Amazon Amazon Amazon Fund Institutional Scientific and Development and Technology Improving Control Development Mechanisms BNDES Mata Forests and Protected Areas in the Mata Atlantica Atlantica biome New Energy Environment Health BNDES Technology Materials Fund (FUNTEC) Petroleum Chemistry Transport and Gas 32
  33. 33. BNDES Participation in Private Equity Funds Climate Fund Alternative Energy Desertification Urban Mobility (Fundo Brasil 50% Energy Efficiency Sustentabilidade) Solid Waste Caixa Ambiental Sanitation Clean Energy Biofuel Fund 17% Treatment Deforested land in Vale Florestar Fund 20% Carajas region ETF administered by BNDES with shares that can be acquired by ECOO11 companies that publish their CO2 emissions. The ICO2 index will show the companies that are more efficient in the CO2 emission and their ECOO11 revenue, and these companies will have a bigger share in the fund. 33 33
  34. 34. Who is who: focus on environmental andsocial divisions Director: Guilherme Narciso de Lacerda Agriculture, Cattle- Environmental Division Social Infrastructure Raising and Social Division SERGIO WEGUELIN Inclusion Division • Drafts the sectoral guidelines • Environmental evaluation, analysis and monitoring of projects Dept. of Environmental Policies and Studies • Institutional training on environmental policies and corporate environmental governance MARCIO COSTA Dept. of Environmental PROESCO, Reforestation, BNDES Forest Compensation, Carbon Operations Credits Securitization and other environmental operations OTAVIO VIANNA LEÃO Amazon Fund Legal Dept.
  35. 35. Decision Making for Infrastructure Projects The Government, through one of its Ministries, defines a project whose implementation will be transferred to the Private Sector. A Company is hired to structure the project, assessing the technical, environmental, legal and economic feasibility. Different project models are developed and presented for approval to the Ministry of Planning and the Ministry of Treasury. EIA reports give way to public consultation with stakeholders and the issuance of 3 sequential environmental licenses. Then, the National Court of Audit (legislative power) approves the project. A public bidding takes place. The winning company and the Government sign a contract.
  36. 36. Topics Introduction The Changing Global Landscape Brazil Takes Off BNDES Promotes Brazil, Inc. BNDES Safeguards and Laws A More Detailed Look at BNDES WRI’s Work & Influence Strategy
  37. 37. WRI’s WorkWRI’s work on emerging actors indevelopment finance is led by theInternational Financial Flows and theEnvironment objective. The goal of thisresearch is to improve the environmental,social, and climate change policies thatgovern emerging actors’ investments, andto ensure that local communities and civilsociety organizations impacted by theinvestments are able to engage with“emerging actors” more effectively. Thispreliminary research focuses on Chineseand Brazilian overseas investments andbegins to look at the growth drivers andgeographic trends of those investments.
  38. 38. A WRI Influence Strategy Three-linked Influence Strategy Engage policymakers to develop environmental and social guidelines to Investor govern overseas investments. Country Engage companies and financial institutions (China & to develop and implement environmental Inform and social risk management policies. Create Brazil) enabling decision- makers of Strategy Build the capacity of local civil society conditions potential organizations to create demand for stronger for local environme environmental and social guidelines. communiti ntal and Enhancing the roles of emerging actors in es to raise social Internationa international and bilateral investment concerns impacts on l Strategy standards setting directly the ground with Host Work with host country governments and decision- local civil society organizations to facilitate makers Country stronger environmental and social Strategy performance among foreign companies
  39. 39. Thank YouInformation in this PowerPoint is drawn from a forthcoming WRI scopingpaper on emerging actors in development finance.For more information or questions, contactAthena BallesterosDirectorInternational Financial Flows and Environment ProjectWorld Resources Instituteaballesteros@wri.orgRoland WidmerSenior AssociateInternational Financial Flows and Environment ProjectWorld Resources Instituterwidmer@wri.org Photo Credits (flickr creative commons license): “Construction-Equipment” by Ken Trout; “Reflexo” by Janos Graber; “Ventura” by Mirtes Ho; “Sao Paulo” by J Felipe; “Africa Tanzania Ngorongoro Crater” by Stephen McClung; “Forest Crystal Ball” by Chuck Rogers; “Rainforest” by Dominik Hofer

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