17 June 2010
More than 50 representatives from civil society organizations (CSOs) and industry convened at the World Bank yesterday to provide feedback for International Finance Corporation’s (IFC) Policy and Performance Standards Review.
IFC staff provided updates on how they had integrated feedback from last fall’s Phase I Consultation into their draft Social and Environmental Sustainability and Disclosure of Information policies. The newest drafts of these IFC policies include strengthened language on gender, human rights, and corporate governance.
For the Phase II Consultation, participants joined one of three breakout sessions (environmental issues, social issues or disclosure/transparency issues) and reported back for a general discussion. In the Disclosure of Information group, CSOs suggested that IFC clients document “broad community support” for projects on an annual basis as opposed to just once before initial project approval, since project conditions change rapidly. CSOs also asked for disclosure of loans granted by IFC-funded financial intermediaries, citing the Asian Development Bank model.
In the Environmental Sustainability group, feedback included an emphasis on reducing the IFC’s carbon footprint. CSOs also requested that the IFC apply stringent international standards to biodiversity offsets. Finally, the Social Sustainability group focused on workplace issues, requesting that specific human rights language be included in the policy to prevent workplace discrimination and/or coercion. The Social Sustainability group also emphasized the need for ongoing community involvement throughout all project phases.
Yesterday’s Washington, D.C. consultation was one in a series that are occurring around the world. Phase II consultations for the IFC Policy Review will run throughout June and July, with the final phase of consultations occurring in October 2010. The IFC expects to have the final version of its new policies in place by July 2011.
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BIC's IFC Performance Standards review homepage