Food speculation by banks and financial institutions continues to contribute to rapid and unpredictable swings in food prices. Yet, corporate lobbying on the Markets in Financial Instruments Directive (MiFID) – which sets new regulations for financial markets – has undermined attempts to curb this destructive practice, according to Friends of the Earth Europe. This will allow speculators to continue profiteering at the expense of the world's most vulnerable.
Activists from Friends of the Earth Europe and Indonesia have completed an awareness-raising tour of Europe, bringing their experiences of environmentally and socially destructive palm-oil production in South East Asia, to the continent most responsible for financing it. Palm-oil companies, often with the backing of European investors, have been involved in land-grabbing, deforestation and the illegal production of palm-oil in Indonesia, according to Friends of the Earth Europe.
Illegal and harmful production of palmoil in Indonesia is continuing, reveals a new report released today by Friends of the Earth.
The study concludes that voluntary guidelines, such as those established by the Round Table on Sustainable Palm Oil (RSPO) and the Environmental, Social and Governance policies (ESG) of European investors have not led to any significant improvement in the situation.
Five years on from the bankruptcy of the Wall Street bank Lehman Brothers, Europe has done little to respond to the ensuing financial crisis, according to a statement from 40 civil society groups. Europe still lacks the solid regulation that could prevent another financial collapse, and the necessary measures to curb the influence of the financial lobby in Brussels.
Actors dressed as bankers were restrained with hazard tape today in a stunt calling on EU negotiators to strengthen rules intended to curb the destructive practice of food speculation.
The protest by Friends of the Earth Europe, alongside development organisations FairFin, Oxfam, SOS Faim, World Development Movement and CNCD, comes at the start of crucial negotiations on proposed EU financial reforms known as MiFID (Markets in Financial Instruments Directive).
Little will be done to curb harmful food speculation today as EU finance ministers meet to approve their position on the new Markets in Financial Instruments Directive (MiFID II) – which sets new regulations for financial markets. According to a broad coalition of environmental and development organisations, loopholes in the legislation will render it ineffective to prevent food speculation, and the resulting food price spikes that hit the poorest the hardest.
Food speculation by banks and financial institutions continues to contribute to rapid and unpredictable swings in food prices, which hit the most vulnerable hardest. Today, finance ministers have the opportunity to curb this destructive practice, as the council of economic and financial affairs discusses its position on the Markets in Financial Instruments Directive (MiFID) – which sets new regulations for financial markets.
Between 2009 and 2012, French banks granted more than 4 billion euro in loans to European producers of agrofuels, and have issued these companies stocks and bonds for a total amount of more than 3 billion euro according to new research from Friends of the Earth France and Oxfam France. The groups called on French banks to stop financing agrofuel producers – who threaten global food security and are fuelling land grabs, especially in Liberia.
Environment, consumer and labour groups have written to European Union Heads of State and Government warning them of the dangers to the environment, health, and consumers of proposals to reduce regulatory burden.
The letter was sent by the Green 10, of which Friends of the Earth Europe is a member, together with the European Trade Union Confederation and the European Consumers’ Organisation,
MEPs voted today on the proposed financial reforms known as MiFID (the Markets in Financial Instruments Directive). The reforms adopted impose limits on the amount of shares a speculator can hold in the market, but serious loopholes mean food speculation can continue to drive up food prices and price volatility, according to Friends of the Earth Europe.