Latest activities from our Members
Review and Update of IFC Sustainability Framework and Final Consultation on New ISEAL Standard Setting Code
News from IFC
The International Finance Corporation (IFC) has started an open process to review and update the Policy and Performance Standards on Social and Environmental Sustainability and the Policy on Disclosure of Information (sustainability framework) which came into effect April 30, 2006. These standards and the policy framework are fundamental to the way IFC does business.
IFC 's Performance Standards define clients' roles and responsibilities for managing their projects and the requirements for receiving and retaining IFC support. IFC 's implementation experience shows that the framework is generally sound but there are clarifications and modifications that would improve its effectiveness. The Policy on Disclosure of Information defines IFC 's obligations to disclose information about itself as an institution and its activities, including projects it finances. It sets out the policy of the Corporation regarding the scope of information that it makes available to the public either as a routine matter or upon request. The current sustainability framework reflects IFC 's commitment to the sustainability of the projects IFC finances and to its strategic pillar on climate change and environmental and social sustainability.
The process should take about 18 months, leading to updated versions by January 2011. Please visit the following homepage, to provide feedback, to find out when stakeholder meetings will be and to participate in the blog. The first round of consultations is from September 14, until November 13, 2009.
The International Social and Environmental Accreditation and Labelling (ISEAL) also started its final consultation on the new Standard Setting Code: Code of Good Practice for Setting Social and Environmental Standards. From this month on until 11 December 2009 ISEAL encourages all kinds of stakeholders to take a look at the revised draft and participate in their consultation.
The Standard- Setting Code is well known and used by many voluntary standard organizations as their guide for how to set social and environmental standards. It is referenced internationally by governments and industry. The goal of the revision is to make the guidance stronger. In this revised version 5.2, key additions focus on stakeholder mapping and on linking the structure of the standard back to the objectives. A published summary describing the standard development process is now required, so as to encourage the standard-setting organizations to engage with institutions with similar standards. The revised draft is reorganized with two main sections on Standards Development and on Standards Structure. All comments will be posted on the consultation site and reviewed in December. Please visit the following homepage for further information.