Loans cut for Chinese polluters

Issue: Loans cut for Chinese polluters

This article highlights China’s new “green credit policy.”
“The purpose of this move is to force enterprises to pay the price for environmental violations,” according to an official from the State Environmental Protection Administration (SEPA). China’s cities are among the most polluted in the world and cities such as Beijing have made economic growth a priority over environmental protection. In 2007, 30 companies have been identified as flouting environmental laws. Twelve of the companies have been sanctioned either to pay fines or have had loans blocked or withdrawn. I certainly hope the new policies will also establish regulations, that if aren’t followed, can result in temporary closure of the facility. I’m not convinced that fines are the most effective means of holding companies accountable to environmental protection regulations. The companies can choose to pay to pollute; potentially, if the fines aren’t substantial to the company the fine will only serve as an inconvenience, not a punishment.

Discussion based on Story from BBC NEWS:http://news.bbc.co.uk/go/pr/fr/-/2/hi/business/7098754.stmPublished: 2007/11/16 16:01:56 GMT© BBC MMVII

Deed:

I will be carpooling to a friends’ house for the holiday. My friend and I don’t eat meat so as a result her family isn’t even going to make a turkey this year. There’s one for the birds! Unfortunately I have to get new tires but he old ones will be recycled. And by replacing them before they blow out keeps the tire scraps from trashing the interstate.