Why the IFC can’t afford to squander this opportunity to get remedy right
This year, IFC will publish a draft of its remedy options paper for public consultation. This is an important opportunity for IFC to set a strong example for the many financial institutions who look to IFC as a leader in sustainability and corporate governance.
To get remedy right, IFC’s new framework must (1) ensure that both IFC and its clients share responsibility for contributing to remedy, (2) build opportunities to provide remedy into every stage of the project cycle, (3) establish mechanisms for financing remedy, and (4) ensure that IFC’s accountability mechanism has the resources and mandate to facilitate remedy.
The ultimate test of IFC’s framework will be how it addresses longstanding confirmed instances of harm where communities are still suffering.
Read the full article in the Bretton Woods Observer here.