Ironically, in the run-up to the conference, Peru has substantially pared domestic environmental regulations — arguing that this is necessary to attract investment. The Associated Press summarizes the terms of a new law enacted by Peruvian President Ollanta Humala in July:
The law … strips Peru’s six-year-old Environment Ministry of jurisdiction over air, soil and water quality standards, as well as its ability to set limits for harmful substances. It also eliminates the ministry’s power to establish nature reserves exempt from mining and oil drilling.
Also, the measure slashes fines for environmental violations, limits the duration of environmental impact assessments and enhances tax incentives for mining corporations. READ MORE AT AL JAZEERA AMERICA.