The newly adopted Environmental and Social policy is a significant improvement over the Environmental Policy that guided the EBRD since 2003. The 2008 policy incorporates important social safeguards to the environmental standards and ten client Performance Requirements closely modeled after IFC’s Performance Standards. The new policy will come into effect after November 12, 2008.
Prior to the adoption of the Social and Environmental Policy, the EBRD lagged behind other IFIs in its environmental and social safeguards. The Bank was particularly criticized for lacking social policy to ensure health and labor standards or protect land and cultural rights of communities affected by Bank’s activities.
Following a year long review process, On May 12, 2008 the EBRD adopted the new Environmental and Social Policy to replace the current Environmental Policy. The policy’s Performance Requirements outline social and environmental responsibilities and specific practices that EBRD clients must follow with respect to labors and health standards, indigenous peoples, biodiversity, resettlement, protection of natural resources and cultural heritage. Otherwise similar to IFC’s Performance Standards, the policy features two original contributions, namely Performance Requirement on Financial Intermediaries and Information Disclosure and Stakeholder Engagement.
At the same time, BIC and other civil society organizations criticize the policy for failing to capture larger development challenges, such as the problem climate change. The policy does not put due emphasis on transition to low carbon and energy sustainable economy. The policy also lacks sector-specific safeguards standards and clear categorization language. Despite civil society advocacy, Bank’s transparency requirements in controversial extractive industry projects remain second-rate.
For a complete list of ADB Environmental and Social Policies and Strategies, please see the EBRD's website: