{"id":60053746,"date":"2024-10-10T06:00:00","date_gmt":"2024-10-10T05:00:00","guid":{"rendered":"https:\/\/dialogue.earth\/?p=60053746"},"modified":"2024-10-10T08:32:20","modified_gmt":"2024-10-10T07:32:20","slug":"green-bonds-red-flags-cambodias-microfinance-crisis-deepens-amid-sustainability-push","status":"publish","type":"post","link":"https:\/\/dialogue.earth\/en\/climate\/green-bonds-red-flags-cambodias-microfinance-crisis-deepens-amid-sustainability-push\/","title":{"rendered":"Green bonds, red flags: Cambodia\u2019s microfinance crisis deepens amid sustainability push"},"content":{"rendered":"\n

When Davuth fell behind on his microfinance loan earlier this year, a credit officer visited his home in Ratanakiri province almost daily. The officer pressured him to borrow from neighbourhood lenders or sell his farmland \u2013 his main source of income and livelihood, he said.<\/p>\n\n\n\n

\u201cI replied that if I sold my land, which includes my cashew and cassava crops, I\u2019d rather die,\u201d Davuth, a Kachok Indigenous man, said in August. He requested a pseudonym, fearing reprisals.<\/p>\n\n\n\n

He claimed the credit officer, representing microfinance institution LOLC Cambodia, threatened and intimidated him until his first suicide attempt in March. His wife intervened just in time to save his life.<\/p>\n\n\n\n

Davuth is not the first to report such threats. LOLC is currently under investigation<\/a> by the International Finance Corporation (IFC)\u2019s watchdog over unethical lending practices, as previously reported by Dialogue Earth<\/a>.<\/p>\n\n\n\n

Despite these allegations, in June, LOLC was selected<\/a> for the Cambodia Sustainable Bond Accelerator programme, designed to assist with issuing sustainability bonds on the Cambodian Stock Exchange. Green bonds issued through the programme \u2013 now in its second phase \u2013 are intended to fund projects such as solar plants and green buildings.<\/p>\n\n\n\n

LOLC plans to issue a USD 50 million sustainability bond for \u201cgreen\u201d and \u201csocial\u201d projects, backed by partners like the UN Economic and Social Commission for Asia and the Pacific (UNESCAP). UNESCAP, which has previously tried to alleviate the debt burden<\/a> of Cambodian borrowers, is now supporting the very institutions accused of exacerbating it.<\/p>\n\n\n\n

UNESCAP declined to comment when Dialogue Earth reached out for a response. Two other programme partners, the Securities and Exchange Regulator of Cambodia and the Global Green Growth Institute, did not respond to requests for comment.<\/p>\n\n\n\n

Davuth knows first-hand the environmental threats Cambodian farmers face, as rainfall becomes more unpredictable and flooding and droughts<\/a> become more common. He is not optimistic about this year\u2019s crops. \u201cIf climate change leads to a poor harvest, I have no idea how I\u2019ll pay back my loans,\u201d he said.<\/p>\n\n\n\n

Microfinance was designed to lift people out of poverty. Instead, for Davuth and many others, it has become a trap. \u201cI feel desperate about the debt; I can\u2019t even feed my family well,\u201d he says. \u201cAll the money I make goes to repaying the loan.\u201d<\/p>\n\n\n\n

Cambodian microfinance: a fraught history<\/h2>\n\n\n\n

Cambodia has the highest<\/a> microfinance debt-per-capita in the world, with borrowers across the country falling victim to predatory lending. Researchers<\/a> and NGOs<\/a> have documented cases where lenders pressured borrowers into selling their land or taking on high-interest loans from neighbourhood lenders. Many indebted Cambodians leave their homes to work in cities or other countries<\/a>, while children drop out of school<\/a> and families cut down on food just to stay afloat.<\/p>\n\n\n\n

Now, as criticism mounts, microfinance institutions are shifting their focus, presenting themselves as agents of climate adaptation. This pivot coincides with a broader trend within the financial and development sectors, with institutions like the UN<\/a> and World Bank<\/a> rolling out green bond programmes. The Asian Development Bank, whose trust fund<\/a> is a partner in Cambodia’s green bond accelerator programme, labels itself<\/a> as \u201cAsia and the Pacific\u2019s climate bank.\u201d Microfinance institutions have embraced this opportunity, using green bonds as a new way to fund their operations, while pledging a commitment to sustainability.<\/p>\n\n\n\n

\u201cThe green agenda and climate change has been a kind of ethical shot in the arm for a lot of these institutions,\u201d said Laurie Parsons, senior lecturer in human geography at Royal Holloway, University of London. \u201cThey\u2019ve been able to greenwash a lot of their operations and resell them as a form of adaptation.\u201d<\/p>\n\n\n\n

We spend all our time trying to find the money to pay them back … We\u2019re trapped<\/blockquote>Sreyna, villager from Ratanakiri province<\/cite><\/div><\/div>\n\n\n\n

Parsons warns that green bonds issued by microfinance institutions could fuel some of the same abusive lending practices, including threats and intimidation from loan officers.<\/p>\n\n\n\n

\u201cHow do these institutions continue to grow when every single person in the country has already got a loan and you\u2019re already the most over-indebted country in the world?\u201d he says. \u201cI don\u2019t know exactly how these institutions will manage to find enough uptake without the aggressive tactics that they\u2019ve been famous for in the case of microfinance loans.\u201d<\/p>\n\n\n\n

Sreyna (a pseudonym), another villager from Ratanakiri province, says she faced similar harassment from LOLC loan officers in July. After falling behind on payments due to heavy rains that destroyed her soybean crops, a credit officer posted a warning letter on her one-room home, where she lives with her husband and four children. The officers suggested she sell her land, her only remaining asset, to cover the debt.<\/p>\n\n\n\n

\n
\n
\"woman<\/div>
Sreyna stands in front of her home in Ratanakiri province in northeastern Cambodia, where loan officers posted a warning letter (Image: Leila Goldstein)<\/div><\/div><\/div><\/div>\n<\/div>\n\n\n\n
\n
\"rice<\/div>
Rajom Sang’s rice field, with cashew trees in the distance. Sang said microfinance loans have left people in his village saddled with debt (Image: Leila Goldstein)<\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n

\u201cThey even told me to stop sending my children to school,\u201d Sreyna said. \u201cEven though I\u2019m poor, I’m prepared to make sacrifices for their education.\u201d<\/p>\n\n\n\n

Her husband, unable to bear the pressure, signed a new loan in July, locking the family into deeper debt. \u201cWe spend all our time trying to find the money to pay them back,\u201d she said. \u201cWe\u2019re trapped.\u201d<\/p>\n\n\n\n

Her story is not unique. LOLC loan officers have been accused<\/a> of pressuring borrowers to sell their land. One debtor reportedly died by suicide<\/a> after credit officers encouraged him to take out additional loans to repay his existing one with them. In response to these allegations, Cerise+SPTF<\/a>, an international standards developer, asked that LOLC\u2019s client protection certification be placed under review<\/a>.

In an email, an LOLC Cambodia spokesperson said the microfinance institution has a \u201crobust complaints mechanism and an internal audit system that has not encountered accusations of this nature.\u201d The spokesperson added that the National Bank of Cambodia and the Cambodia Microfinance Association also have complaint mechanisms. \u201cGiven this, we have every reason to believe that the statements provided do not accurately reflect the experiences of our customers,\u201d the spokesperson noted.<\/p>\n\n\n\n

\"group<\/div>
Workers prepare harvested cassava roots for transportation to markets. Many small-scale farmers take out microloans to finance agricultural production, using their land as collateral. (Image: Heng Sinith \/ Associated Press \/ Alamy)<\/div><\/div><\/div><\/div>\n\n\n\n

Green bonds tainted by controversy<\/h2>\n\n\n\n

Other companies<\/a> participating in Cambodia\u2019s green bond programme are also mired in controversy. Amret PLC, chosen in 2023 to issue a $50 million sustainability bond, is also under investigation<\/a> by the IFC\u2019s watchdog. The chairperson of real estate company Golden Tree Co., which received support for a $25 million green bond, was arrested for fraud<\/a> in August in relation to an investment fund where he served as board member. Additionally, two enterprises of the Cambodian conglomerate Royal Group, Wing Bank and Royal Group Phnom Penh SEZ, have also received support for a collective $60 million in sustainability bonds. Royal Group\u2019s owner, tycoon Kith Meng, has been linked to illegal logging<\/a> and environmental destruction<\/a>.<\/p>\n\n\n\n

NGOs Licadho and Equitable Cambodia filed a complaint<\/a> to the IFC\u2019s watchdog in 2022, accusing six microfinance institutions, including LOLC and Amret, of engaging in predatory lending practices, involving coercion and threats. The watchdog\u2019s initial investigation<\/a> found \u201cpreliminary indications of harm\u201d to borrowers.<\/p>\n\n\n\n

Despite the ongoing investigations, some officials argue that green finance offers a path forward. Munho Choi, senior investment specialist at ADB’s Credit Guarantee and Investment Facility (CGIF), a partner in the green bonds programme, acknowledged the investigation but said CGIF decided to participate because one of its key mandates is to provide guarantees for green and social bonds.<\/p>\n\n\n\n

\u201cThe main objective for this programme is to support future green or sustainability bond issuances in Cambodia,\u201d he said. \u201cOf course, if we provide the guarantee, we need to conduct due diligence on these issues as well as part of our process.\u201d

Programme partner GuarantCo said in a statement it is providing technical capacity-building support and may provide a credit guarantee for the bonds issued \u201csubject to full due diligence, credit committee and other internal approvals.\u201d GuarantCo, funded<\/a> by the governments of the UK, Switzerland, Sweden, the Netherlands, Australia, Canada and France through their development finance institutions and various trusts, did not respond to further questions.<\/p>\n\n\n\n

<\/div>
Recommended<\/span><\/span><\/div><\/a>\n\n\n\n

In an email, Cambodia Microfinance Association spokesperson Kaing Tongngy stated that the association has \u201czero tolerance for any malpractices by its members,\u201d which must comply with its code of conduct and lending guidelines. He added that LOLC holds a gold certificate in client protection, demonstrating \u201cits commitment to the international standard with strong social performance management including client protection principles\u201d.<\/p>\n\n\n\n

Some researchers have urged the international development community<\/a> to shift climate finance towards grants rather than loans. They recommend funding member-owned credit unions or publicly owned community development banks which have a proven track record of promoting sustainable development.<\/p>\n\n\n\n

Even though the green bonds programme sets out to support projects with environmental and social benefits, some are sceptical of its potential to help. Rajom Sang, a community representative from Ratanakiri, explained that microfinance loans have left people in his village saddled with debt, forcing them to migrate in search of better-paid work. Families have sold their land and reduced their food intake, he noted.<\/p>\n\n\n\n

\u201cIf these international agencies fund microfinance institutions to tackle climate change, I doubt it will bring positive change,\u201d he said. \u201cIf this programme turns out to be the same [as previous projects], borrowers will still face over-indebtedness.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Microfinance institutions in Cambodia, accused of predatory lending, are pivoting to green bonds while borrowers, burdened by debt and climate impacts, struggle to survive<\/p>\n","protected":false},"author":50000630,"featured_media":60053875,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[761],"tags":[519,544,20000237],"hashtags":[],"country":[20029278],"class_list":["post-60053746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate","tag-climate-impacts","tag-finance","tag-sustainable-development","country-cambodia"],"acf":[],"yoast_head":"\nGreen bonds, red flags: Cambodia\u2019s microfinance crisis deepens amid sustainability push<\/title>\n<meta name=\"description\" content=\"Microfinance institutions in Cambodia, accused of predatory lending, are pivoting to green bonds while borrowers, burdened by debt and climate impacts, 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