2 April 2024

The State of Remedy at the EBRD

With the release of the new draft Environmental and Social Policy, we look at outcomes data from the EBRD to evaluate whether remedy has been provided when its financed projects cause environmental and/or social harm. The remedy gap we observe indicates that the Environmental and Social Policy should contain stronger commitments to address such harm.

The European Bank for Reconstruction and Development (EBRD) has just published for public consultation a new draft Environmental and Social Policy (ESP) to govern its operations. Accountability Counsel has advocated for this policy to include a commitment from the EBRD to remediate any environmental and/or social harm stemming from the projects it finances. While the draft ESP includes some promising new language, it does not go far enough to clarify the EBRD’s role in providing remedy for harm.

Read the full article here and subscribe to the Accountability Console monthly newsletter here for more stories like this.