The World Bank is the single largest source of development finance, with wide- reaching influence. The Bank’s safeguards aim to minimize the negative impactsof the projects it funds. These policies have recently been updated in a new Envi- ronmental and Social Framework. For conservation, the key changes include amechanism for the use of biodiversity offsets and borrowers’ own frameworks to manage impacts. Concerns have been raised that these changes may weaken protections as there is substantial flexibility about when offsets or borrowers’ frameworks can be used, and uncertainty around the efficacy of offsets. The project-by-project nature of these mechanisms and the lack of clear criteria may also hinder future efforts to hold the Bank to account. Concerns about these changes were raised by conservation organizations during the consultation pro- cess, but the framework’s formulation does not fully reflect recommendations made. Although elements of the new policy have the potential to benefit con- servation, the flexibility presents a risk to biodiversity. It is vital for conservation organizations to engage effectively to ensure that any negative impacts arising do not go unchallenged.
Implications of the World Bank’s environmental and social framework for biodiversity
Year: 2021
