We participate in the review of the socio-environmental sustainability policy of the IDB Invest
We participate in the face-to-face public consultation of the IDB Invest in the framework of the revision of its Environmental and Social Sustainability Policy.
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Within the framework of the public consultations that the IDB Invest is conducting on the draft of its new Environmental and Social Sustainability Policy, we participate in the face-to-face public consultation held last Tuesday, September 4 at the headquarters of the IDB Argentina in the city of Buenos Aires. The IDB Invest is a member of the Inter-American Development Bank Group, better known as the IDB Group. It is a multilateral development bank with the purpose of promoting the economic development of the member countries of the region through investment in the private sector. That is, while the IDB is responsible for public sector investment, the IDB Invest invests in private sector projects.
Thus, in June of this year the IDB Invest began the public consultation to review the draft of its new policy of environmental and social safeguards; review that would last for 120 days. The objective of conducting a public consultation is due to the relevance of establishing a dialogue with interested parties to make suggestions for the new policy. Thus, virtual and face-to-face consultations have been carried out or will be carried out not only in Argentina but also in other countries such as Colombia, Jamaica, Panama or the United States.
According to the consultation plan announced by the Bank, once the public consultations have been finalized and a new draft has been prepared, it will be submitted to the Executive Board for approval, giving rise to the new Environmental and Social Sustainability Policy, replacing the policy of 2013. However, one of the main complaints heard in public consultations by a wide range of civil society organizations and indigenous communities, was the need for the Bank to open a second draft for public consultation. of the policy, in order to identify how the recommendations and suggestions made during public consultations were incorporated.
Additionally, Fundeps together with a group of organizations in the region raised the need, among other things, to: Include two areas of expansion beyond the 8 Performance Standards of the International Finance Corporation (IFC), in particular, a Performance Standard related to gender and, second, another for the participation of stakeholders and communities. In turn, the need was also raised not to dilute responsibilities in the supervision of the implementation of the safeguards; and that the new policy should be guided by the principle of “generating benefits” beyond the idea of ”not causing harm” as the policy currently proposes.
IDB and IDB Invest review their environmental and social policies – Fundeps Web page on the Consultation on the Environmental and Social Sustainability Policy of the IDB Invest
Gonzalo Roza, email@example.com