Investments by UK development finance body have ‘harmed society and environment’

The UK’s development finance institution is using taxpayers’ money for some “questionable investments” including in fossil fuels and a cosmetic surgery firm in India, MPs have warned.

But the Committee said BII holds some legacy investments that conflict with the Government’s climate goals, including in the development of gas infrastructure in Mozambique. The Committee also raised concerns that the body’s investments are not always benefiting the world’s poorest people. Committee chairwoman Sarah Champion said: “Evidence to this inquiry has raised the concern that there is not enough oversight from ministers on BII’s investments.

The Committee called for the FCDO to increase its oversight of BII and take a non-voting seat on its board. “Coherence of BII’s investments with the Government’s own commitments on fossil fuels, climate, sustainable development goals, or poverty reduction will never be possible with the Government’s current hands-off approach.”

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