MPI is launching a new report at the Ethical Investment Association conference on Monday, Sept 16 2002. This report closely investigates investments in fossil fuels under the SRI banner. It asks 'Do fossil fuel investments contradict the good intentions of money invested under the SRI philosophy?', and 'Do renewable energy alternatives to fossil fuels constitute a significant part of SRI portfolios?'

Unfortunately, all but one of the sixteen Australian SRI funds include at least one investment in fossil fuels, creating a direct link between climate change and these funds. In contrast, only nine of the funds invest in renewable energy companies. See MPI's media release launching the report. You can download the full report here >> Rio Tinto (Aust/British) and Freeport-McMoRan (US) own the world's largest copper and gold mine, in Papua, Indonesia. A new report by Abigail Abrash reveals:

"The 41-page [contract of work], drafted by Freeport ... provided the company with broad powers over the local population and resources, including the right to take land and other property and to resettle indigenous inhabitants … disregarded Kamoro and Amungme customary land rights and provided inadequate protection for those communities' rights to livelihood, to adequate housing, food, and health, and to practice their culture.

[T]here was no requirement that the company seek the agreement of or other input from local landowners, or compensate them for the loss of their food gardens, hunting and fishing grounds, drinking water, forest products, sacred sites, and other elements of the natural environment upon which their cultures and livelihoods depend. The indigenous population had no legally available rights of refusal, of informed consent, or to adequate compensation. No social or environmental impact assessment was required or conducted."
Abigail Abrash's full report >>
Read a sample chapter from Moving Mountains which puts the Freeport mine into the global context >>