IFC has finished taking public comment on the latest draft of its Policy and Performance Standards on Social and Environmental Sustainability (“Sustainability Policy” and “Performance Standards”). The Comments have been posted on the Policy Review homepage.
IFC will review all comments from stakeholder and make final revisions of the proposed Sustainability Policy and Performance Standards for IFC Board consideration in late January.
Key Changes in Sustainability Policy and Performance Standards
For a full discussion of the changes in the September draft policy, see the IFC Response. This document explains IFC’s rationale behind the changes to the August 2004 draft policies and responds to the wide range of comments and suggestions during the eight-month consultation period. Highlights include:
A new “process” performance standard that emphasizes use of management systems, elevates social issues into an integrated social and environmental assessment, and requires early and ongoing community engagement with communities affected by a project.
New requirements for free, prior and informed consultation & commits IFC to determining Broad Community Support (BCS) exists before supporting large projects with potential adverse impacts.
A new standard on Community Health and Safety requiring firms to consider a project’s effects on health and safety in the surrounding community beyond the project itself.
A new standard on Pollution Prevention and Abatement requiring firms to monitor and quantify a project’s greenhouse gas emissions and address the impact of emissions on the environment.
Expanded worker rights policy, addressing all four core ILO labor standards (forced labor, child labor, nondiscrimination, and freedom of association and collective bargaining) and requiring a comprehensive approach to labor and working conditions.
Incorporation of key human rights concerns—including adequate housing, security of tenure, and voluntary principles on security—into the performance standards.
New comprehensive approach to biodiversity that expands IFC’s focus on preserving natural habitats to include all significant threats to biodiversity, including habitat destruction, invasive alien species, and unsustainable use of renewable resources
