The AIIB Watch documents environmental and human rights conflicts arising from infrastructure projects financed by the Asian Infrastructure Investment Bank (AIIB).
Status: Approved
Timeframe: 2023
Area: Brasil
AIIB Investment Amount: 200 million USD
Total Project Cost: 200 million USD
Co-financier: -
E&S Category: FI
Project details: A USD 200 million on-lending facility to Banco BTG Pactual S.A. to expand renewable energy in Brazil, focusing on solar and wind projects, with goals of increasing installed capacity, reducing greenhouse gas emissions, and financing multiple clean energy initiatives.
Project Concerns: As a FI project, this investment raises concerns regarding transparency and accountability. Due to the nature of FI lending, the specific sub-projects financed under this facility are not disclosed, limiting public oversight. Without disclosure of the sub-projects, it remains uncertain how AIIB and its client will ensure adherence to environmental and social safeguards throughout implementation.
Further concerns arise from the profile of the intermediary. BTG Pactual appears on both sides of fossil fuel finance flows tracked by Urgewald’s databases.
BTG Pactual is not only listed as a financial institution, providing finance to fossil fuel companies, but also directly listed as oil and gas business receiving finance. The bank holds 1,441 million USD in assets in 45 companies active in oil, gas, and coal extraction. Providing financial support to a bank who is so deeply involved in fossil fuel business activities creates doubts about AIIB’s commitment to a genuine low-carbon transition.
Further information:
AIIB Page
Last update: 22.04.2025