Download Regimes of Risk: The World Bank and the Transformation of by Pascale Hatcher PDF

By Pascale Hatcher

With Asia as its backdrop, this publication investigates the function performed through the area financial institution staff (WBG) in conceptualising and selling new mining regimes adapted for resource-rich state consumers. It information a specific politics of mining within the worldwide South characterized through the transplanting, hijacking and contesting of the WBG's mining time table.

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Additional info for Regimes of Risk: The World Bank and the Transformation of Mining in Asia

Sample text

As further summarised by MIGA: As part of the World Bank Group, and having as our shareholders both host countries and investor countries, MIGA brings security and credibility to an investment that is unmatched. Our presence in a potential investment can literally transform a ‘no-go’ into a ‘go’. We act as a potent deterrent against government actions that may adversely affect investments.  324).  324). T. 17 As discussed in the following section, the policy recommendations and the work of the WBG in regard to the regulatory mining regimes in resourcerich countries of the Global South must further be assessed from a historical perspective.

Subsequently, wanting to maintain a presence in the sector while attending to the recognised risks linked to the industry, the Bank substituted its conventional policy recommendation framework for one that promotes far stricter environmental and social standards. The ensuing birth of what is here referred to as the SDM echoed throughout the mining industry and within regulatory regimes across the Global South. This shift, which is a key component of the third generation of mining codes, encompasses an unwavering emphasis on ‘poverty reduction’ as a central objective of all Bank actions within the sector, as well as a novel emphasis on social and environmental concerns.

6)22 In light of the scale of the socio-environmental issues linked to mining activities, the WBG’s role in promoting such activities in the Global South came under serious scrutiny. The turn of the century was not kind to the Bank’s historical involvement in large-scale projects. The highly publicised environmental damage and the multiplication of reported cases of human rights abuses linked to Bank-sponsored projects were a painful thorn in the institution’s side. The matter proved even more contentious as in addition to the advisory role played by the World Bank itself, the institution’s sisters, MIGA and IFC, were the object of a series of reputational blows throughout the 1990s.

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