IFC Seeks Comments on Draft Sustainability Policy
The International Finance Corporation, the private sector arm of the World Bank Group, has released for public comment revised drafts of its Policy and Performance Standards on Social and Environmental Sustainability and its Policy on Disclosure of Information.
The International Finance Corporation, the private sector arm of the World Bank Group, has released for public comment revised drafts of its Policy and Performance Standards on Social and Environmental Sustainability and its Policy on Disclosure of Information.
The release begins a 60-day window for the public to make final comments before the drafts undergo final revisions and go to the Board of Directors for consideration in January. The draft policies and related documents are available on line at the policy review web site: www.ifc.org/policyreview.
The proposed policies have undergone significant revision since they were first released in August 2004 as part of an eight-month consultation process involving a wide-range of civil society organizations, businesses, IFC clients, World Bank Group staff and management, and other interested parties.
"Public comment has been essential to making these proposed policies better," said Rachel Kyte, director of IFC's Environment and Social Development Department. “We are pleased to offer new drafts for public review. We hope soon to be able to implement new and better policies ensuring that our projects protect people and the environment while strengthening their long-term business success.”
IFC also released draft guidance materials today that do not require board approval but give direction to IFC staff and clients in carrying out the new draft policies.
IFC adopted the current Environmental and Social Safeguard Policies and its Disclosure Policy in 1998. In 2003, following a review of the policies by Office of the Compliance Adviser/Ombudsman, IFC launched an update of its Safeguard Policies and Disclosure Policy as well as key guidance material.
The proposed draft policy recasts IFC’s environmental and social policy framework into a “Sustainability Policy” and “Performance Standards.” The Sustainability Policy speaks to IFC’s roles and responsibilities in its partnership with clients; the Performance Standards detail the requirements of clients in order to receive and retain IFC support.
IFC is taking a new, outcomes-based approach to environmental and social protections. It is based on firms establishing effective management systems as part of their basic operations to ensure compliance with IFC requirements and ensure results on the ground. The Performance Standards also add new requirements relating to social assessment, worker rights, greenhouse gas emissions, and community health and safety standards.
The new draft Disclosure Policy clarifies and expands the responsibilities of IFC to disclose corporate information to the public. Public disclosure requirements for clients are found in the proposed the Performance Standards as an integral part of directives to engage in early and ongoing engagement with community that are affected by projects.
The release begins a 60-day window for the public to make final comments before the drafts undergo final revisions and go to the Board of Directors for consideration in January. The draft policies and related documents are available on line at the policy review web site: www.ifc.org/policyreview.
The proposed policies have undergone significant revision since they were first released in August 2004 as part of an eight-month consultation process involving a wide-range of civil society organizations, businesses, IFC clients, World Bank Group staff and management, and other interested parties.
"Public comment has been essential to making these proposed policies better," said Rachel Kyte, director of IFC's Environment and Social Development Department. “We are pleased to offer new drafts for public review. We hope soon to be able to implement new and better policies ensuring that our projects protect people and the environment while strengthening their long-term business success.”
IFC also released draft guidance materials today that do not require board approval but give direction to IFC staff and clients in carrying out the new draft policies.
IFC adopted the current Environmental and Social Safeguard Policies and its Disclosure Policy in 1998. In 2003, following a review of the policies by Office of the Compliance Adviser/Ombudsman, IFC launched an update of its Safeguard Policies and Disclosure Policy as well as key guidance material.
The proposed draft policy recasts IFC’s environmental and social policy framework into a “Sustainability Policy” and “Performance Standards.” The Sustainability Policy speaks to IFC’s roles and responsibilities in its partnership with clients; the Performance Standards detail the requirements of clients in order to receive and retain IFC support.
IFC is taking a new, outcomes-based approach to environmental and social protections. It is based on firms establishing effective management systems as part of their basic operations to ensure compliance with IFC requirements and ensure results on the ground. The Performance Standards also add new requirements relating to social assessment, worker rights, greenhouse gas emissions, and community health and safety standards.
The new draft Disclosure Policy clarifies and expands the responsibilities of IFC to disclose corporate information to the public. Public disclosure requirements for clients are found in the proposed the Performance Standards as an integral part of directives to engage in early and ongoing engagement with community that are affected by projects.
