Boston University’s Global Economic Governance Initiative (GEGI)
Climate Impact & Sustainability Data (2008-2013)
Reporting Period: 2008-2013
Environmental Metrics
ESG Focus Areas
- Environmental
- Social
- Governance
Environmental Achievements
- Ecuador's labor law requiring foreign oil companies to hire local workers and eliminating disparity between direct and subcontracted workers.
- Peru joined the Extractive Industries Transparency Initiative (EITI), requiring detailed, online reporting of revenue flows between governments and extractive companies.
- China developed new guidelines for outbound investors, including environmental and social safeguards.
Social Achievements
- Ecuador's labor law requiring foreign oil companies to hire local workers and eliminating disparity between direct and subcontracted workers.
- Peru enacted legislation to implement ILO Convention 169, granting indigenous communities the right to prior consultation on state policies affecting them.
- Some Chinese companies exceeded local standards (Andes Petroleum in Ecuador, Chinalco in Peru, Golden Dragon Affiliates in Mexico).
Governance Achievements
- Peru joined the Extractive Industries Transparency Initiative (EITI) and became the first country in the Americas to be declared compliant.
- China developed new guidelines for outbound investors, including environmental and social safeguards.
Climate Goals & Targets
Environmental Challenges
- Latin American governments faced pressure to relax environmental and social protections.
- China’s social and environmental safeguards lacked enforcement power and transparency.
- Performance of Chinese firms varied widely across different regulatory regimes.
- Latin American civil society faced pressure to erode existing protections.
Mitigation Strategies
- Latin American governments needed to resist demands for deregulation and strengthen enforcement of existing laws.
- China could enhance its safeguards through formal reporting and grievance mechanisms.
- Latin American governments and civil society could raise the performance level of Chinese firms through accountability and facilitating learning.
- Latin American civil society needed to hold the line against pressure to erode protections and work constructively with Chinese government.
Supply Chain Management
Responsible Procurement
- CNOOC’s development of a local small-business suppliers program in Argentina
Climate-Related Risks & Opportunities
Physical Risks
- Deforestation