Between discourse and practice: BNDES, Sigma Lithium and lithium mining in the Jequitinhonha Valley
The Institute for Consumer Protection, Idec, through the Guide to Responsible Banks, prepared the study that evaluates possible contradictions in the institutional policies of the company Sigma Lithium and the National Bank for Economic and Social Development (BNDES), confronting them with their practices in the context of financing and execution of lithium extraction projects in the Jequitinhonha Valley.
The document shows that while the mining company presents itself as a pioneer in the production of "green lithium" and aligns its image with ESG principles, according to reports collected from other sources, local communities denounce human rights violations, environmental degradation and lack of transparency.
As part of the methodology of Idec and Fair Finance International, the study provides for the right to reply of the parties involved, in this case, Sigma Lithium, BNDES and the Government of the State of Minas Gerais. The answers, as well as the commitments made by the agents, can be found in the full study.
In addition, we have made a number of recommendations to the parties that include:
- That Sigma Lithium proves, through public, audited and detailed reports, in Portuguese and English, that it conducts meaningful consultation processes with all communities affected by the project
- That the BNDES, in addition to observing the Fiocruz Conflict Map, consider in its process of prior analysis for the granting of financing public complaints from communities affected by the activities of the companies. Also recommends that it makes a new visit to the region of the Sigma Lithium project to conduct further dialogue with the affected communities
- That the Government of the State of Minas Gerais carry out a technical visit to the territories possibly affected by the activities of Sigma Lithium, and that it prepares a plan for monitoring air quality, and a toxicological study in these regions.
Access the study below:
