Joshimath Sinking: A Himalayan Blunder?
#Joshimath sinking has exposed cracks in our development model. Beyond rehabilitation & emergency measures, we need robust & effective Environmental & Social Safeguards for Development finance.
A thread
heyzine.com/flip-book/9b05…
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In the run-up to the present disaster repeated appeals by residents of the town were ignored.
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From 46 years ago to July 2021, several reports warned of the impending disaster if unbridled development was left unchecked.
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And yet the flurry of construction activities continued unabated including the ill advised Rishikesh -Badrinath highway in the name of development.
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The historic town of Joshimath will not survive if Tapovan -Vishnugad Hydropower project of
@ntpclimited is not shelved immediately, point out experts.
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A crucial question which has received scant attention is who is funding such projects. The Tapovan -Vishnugad Hydropower project has the backing of
@ADB_HQ
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In addition to showing the weaknesses of checks & balances in our regulatory framework, such unviable projects expose the claim of multilateral banks like
@ADB_HQ which claim to have a safeguards mechanism in place.
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And the worst part is that this destructive activity may have our money in it. Indian banks and finance institutions regularly provide loans to entities such as NTPC, where money is raised by showing assets such as Tapovan-Vishnugad project as security.
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The Joshimath disaster is yet another warning bell for financial institutions signalling the need for Environmental and Social safeguards and their proper implementation.
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