IFC UPDATED PERFORMANCE STANDARDS WEAK ON HUMAN RIGHTS, OTHER SHORTCOMINGS

14 September 2011 – Bretton Woods Project

The International Finance Corporation (IFC), the Bank’s private sector arm, has concluded a two-year review of its performance standards on environmental and social sustainability, but its weak human rights approach has angered rights organisations. The performance standards were introduced in 2006 to provide guidance for IFC clients to “avoid and mitigate adverse impacts and manage risk as a way of doing business in a sustainable way”.  Together with the policy on environmental and social sustainability and a new access to information policy, the eight revised performance standards make up the IFC’s updated sustainability framework. Approved by the board in May, the updated framework was only disclosed in early August and will come into force in January next year. Read More.