IFC, a member of
the World Bank Group, and the International Trade Centre (ITC), a joint agency
of the World Trade Organization and UN, have joined forces to help companies
and banks better understand and integrate voluntary environmental and social standards
in their risk management and investment decisions.
IFC has referenced
its Performance Standards on Environmental and Social Sustainability into ITC’s
online
Standards Map
database – a first for a development finance institution.
Anders Aeroe,
Director of ITC’s Division of Market Development, said: ‘ITC’s partnership with
IFC has not only allowed us to feature the first development finance
institution on the Standards Map but also helped strengthen the Standards Map
database through a greater focus on sustainability issues covered by the
Performance Standards, such as stakeholder engagement, human rights, and
ecosystem services.’
Standards Map covers
more than 120 sustainability standards and initiatives, including the UN Global
Compact and OECD Guidelines for Multinational Enterprises, making it easier for
companies to know what voluntary standards are available and how they can help
strengthen production and trade activities.
‘ITC is providing an
important tool to guide companies and financial institutions through the
growing landscape of voluntary standards,’ said William Bulmer, Director of IFC
Environment, Social, and Governance Department. ‘If properly integrated in
environmental and social management systems, such standards can help companies
and financial institutions significantly improve and expand their risk
management.’
Incorporation of the
Performance Standards into the Standards Map is just the beginning of the
partnership of IFC and ITC, which share a commitment to promoting
sustainability standards and opportunities for sustainable trade and
investment.
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