Todays’ finance industry is inherently global and beyond borders. National states and jurisdictions today only have a strategic value for finance industry actors in order to construct investment and finance chains and webs. Such webs increase the relevance of and entry points for extraterritorial human rights obligations (ETOs) in human rights work today. This chapter focusses on financialization in development cooperation with donor states as bearers of extraterritorial human rights obligations. It looks at the impact of financialized development cooperation on substantive human rights and related (extraterritorial) obligations, as well as on procedural human rights and related (extraterritorial) obligations. The chapter draws on evidence from cases the human rights organizations FIAN Germany and FIAN International have been working on in recent years. It concludes with insights and reflections on the responses from human rights activists and affected communities.
by Roman Herre, Stephan Backes, in The Routledge Handbook on Extraterritorial Human Rights Obligations.