MA11 Introductory LCA Session
C120-122
8:00 AM - 12:00 PM, Monday
() Sustainable Development Framework at the International Finance Corporation.
Orellana, R1, 1 International Finance Corporation, Washington, DC, United States
ABSTRACT- The International Finance Corporation (IFC) mandate is to support poverty reduction in member countries through increased private sector investment. For years IFC investments have been subjected to a rigorous set of environmental and social guidelines and policies. In 2001, IFC began a process to identify ways in which it could improve the environmental, social and corporate governance of its clients, and thereby improve its own contribution to sustainable development. With this in mind the IFC Sustainability Framework was created. The purpose of the Framework is to define more precisely what added value or doing good means from an environmental, social, or governance perspective. This framework provides guidance to IFC staff and helps IFC achieve credibility in demonstrating the value created through its investments. It is intended to serve as a complement to existing means of analyzing financial and economic results. Recognizing that the value added and the business case for sustainability strength differs across sectors, the IFC has implemented four performance levels as the mechanism of the framework which will chart the progression of sustainable practices. The first performance level will identify compliance with IFC required standards, where they exist. The second performance level will identify the added environmental, social, or corporate governance value. The third level will identify the positive influential impact of a project upon the behavior of other firms, which would demonstrate a farther-reaching impact. The fourth level signifies a project or firm in a leadership position having a wide influence in driving industry best practices. This Sustainability Framework is being incorporated into corporate wide training programs at IFC. The framework will continue to evolve as IFC gains experience in its application.
Key words: framework, IFC, sustainable development, environment