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International Finance Corporation (IFC)

The International Finance Corporation's over-arching social policy aims and objectives are established in its Sustainability Framework. The Sustainability Framework is comprised of the Policy on Social and Environmental Sustainability, which defines institutional commitments, the Performance Standards on Social and Environmental Sustainability, which define operational requirements for borrowers and clients, as well as the Access to Information Policy, which articulates IFC's commitment to transparency.

The IFC Sustainability Framework first entered into force on April 30, 2006 and was updated in 2012. The 2006 edition of IFC's Sustainability Framework applies to investments that go through IFC's initial credit review process from April 30, 2006 to December 31, 2011. The 2012 edition of IFC's Sustainability Framework applies to all investment and advisory clients whose projects go through IFC's initial credit review process after January 1, 2012.

Prior to April 30, 2006, investments were subject to contemporanious versions of the IFC and World Bank Group Safeguard Policies.

In addition to the Sustainability Framework, social policy at IFC is also manifested in the form of operational guidance to its staff and clients in the from of proceedures, operational guidelines, and guidance notes.

IFC's Social and Environmental Policy Framework

Sustainability Framework

First adopted in 2006, IFC's Sustainability Framework articulates the corporation's strategic commitment to sustainable development. The framework establishes environmental and social practices in the context of risk-management, accountability and transparency.

The Sustainability Framework consists of:

  1. The Policy on Social & Environmental Sustainability, which defines IFC's commitments to environmental and social sustainability.
  2. The Performance Standards, which define clients' responsibilities for managing their environmental and social risks, including requirements for information disclosure.
  3. The Access to Information Policy, which articulates IFC's commitment to transparency.

In 2012—following an 18-month process of stakeholder consultation&mdashthe Sustainability Framework was updated to reflect the evolution in good practice for sustainability and risk mitigation. Among the issues addressed in the 2012 updates are supply-chain management, resource efficiency and climate change, and business and human rights.

The 2006 edition of IFC's Sustainability Framework applies to investments that go through IFC's initial credit review process from April 30, 2006 to December 31, 2011. The 2012 edition of IFC's Sustainability Framework applies to all investment and advisory clients whose projects undergo IFC's initial credit review process after January 1, 2012.

Investments made prior to April 30, 2006 are subject to the Safeguard Policies.

Performance Standards

IFC's Performance Standards on Social & Environmental Sustainability are globally-recognized as a benchmark for environmental and social risk management in the private sector. The Performance Standards define clients' roles and responsibilities for project management—including client and project-level requirements for information disclosure.

The adoption of the International Finance Corporation’s 2006 Performance Standards on Social & Environmental Sustainability set a trend for IFI social safeguards. Rather than relying on the multiple, individual operational policies of the World Bank (as was IFC's previous practice), the Performance Standards comprised an integrated bundle of social and environmental protections structured to provide a comprehensive policy framework tailored to the private sector.

Performance Standards on Social & Environmental Sustainability

The Performance Standards are grouped into eight sections, each of which is coupled with Guidance Notes to further clarify client roles and responsibilities under the standards. The eight Performance Standards (PS) are:

PS 1: Social and Environmental Assessment and Management System
PS 2: Labor and Working Conditions
PS 3: Pollution Prevention and Abatement
PS 4: Community Health Safety and Security
PS 5: Land Acquisition and Involuntary Resettlement
PS 6: Biodiversity Conservation and Sustainable Natural Resource Management
PS 7: Indigenous Peoples
PS 8: Cultural Heritage

Pre-2006 Environmental and Social Safeguards

Prior to 2006, IFC's safeguard policies defined IFC and its clients responsbilities for preventing and mitigate undue harm to people and their environment in the identification, preparation, and implementation of projects.

Environmental Assessment (OP 4.01, October 1998)
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Natural Habitats (OP 4.04, November 1998)
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Pest Management (OP 4.09, November 1998)
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Forestry (OP 4.36, November 1998)
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Safety of Dams (OP 4.37, September 1996)
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International Waterways (OP 7.50, November 1998)
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Indigenous Peoples (OD 4.20, September 1991)
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Involuntary Resettlement (OD 4.30, June 1990)
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Cultural Property (OPN 11.03, September 1986)
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Child and Forced Labor Policy Statement (March 1998)
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Policy on Disclosure / Access to Information

IFC first adopted its Disclosure Policy in September 1998 to clarify scope of materials that IFC makes publically available—either on a routine basis or upon request.

Disclosure Policy (September 1998) [PDF]
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The policy was updated in 2006 in-line with the Policy on Social and Environmental Sustainability and the Performance Standards. In accordance with the requirements of the Performance Standards, the Disclosure Policy necessitates that IFC clients self-disclose information to project-affected parties about all types of adverse environmental and social impacts resulting from the project, as well as the client’s plan to mitigate these impacts. In addition, the document also defines how routinely-provided information can be obtained, the types of information that IFC does not routinely provide (a fairly standard list of exceptions intended to protect the financial and personal welfare of IFC, its clients, and its employees), and how IFC monitors its own implementation of this policy.

The currently IFC's Access to Information Policy, is available online.

Guidance Notes

IFC's Guidance Notes were created to accompany the 1998 Environmental and Social Review Procedure (ESRP)—to provide additional information to assist IFC staff and project sponsors.

The 1998 Guidance Notes were updated in 2006 and again in 2012 alongside updates to the Sustainability Framework.

Interpretation Notes

Interpretation Note on Environmental and Social Categorization
Interpretation Note on Financial Intermediaries
Interpretation Note on Small and Medium Enterprises and Environmental and Social Risk Management

Environmental and Social Review Procedure

Introduced in December 1998, IFC's Environmental and Social Review Procedures (ESRP) define how IFC conducts its environmental and social due diligence for the business activities involving direct investments, investments through financial intermediaries, and advisory projects. ESRP provisions apply to IFC project environmental and social review and appraisal, leading to an IFC-approved Environmental and Social Review Summary (ESRS) and Action Plan. The ESRP define IFC’s responsibilities for direct investment supervision, the disclosure and supervision procedures concerning IFC’s financial intermediary investments, and the social and environmental requirements for IFC-managed advisory services.

The ESRP are periodically updated.

IFC Exclusion List

  • IFC Exclusion List of projects that IFC does not finance, relating to IFC's investments prior to July 30, 2007. The IFC Exclusion List defines the types of projects that IFC does not finance. The below Exclusion List relates to IFC's investments prior to the introduction of the Environmental and Social Review Procedure version 2 dated July 30, 2007.
    • IFC Exclusion List (Pre-2007) [PDF]

World Bank Group Environmental, Health, and Safety Guidelines

The World Bank Group Environmental, Health, and Safety Guidelines (known as the "EHS Guidelines") are technical reference documents with general and industry-specific examples of Good International Industry Practice (GIIP) and are referred to in the World Bank’s Environmental and Social Framework and in IFC’s Performance Standards.

The EHS Guidelines contain the performance levels and measures that are normally acceptable to the World Bank Group, and that are generally considered to be achievable in new facilities at reasonable costs by existing technology.

The World Bank Group requires borrowers/clients to apply the relevant levels or measures of the EHS Guidelines. When host country regulations differ from the levels and measures presented in the EHS Guidelines, projects will be required to achieve whichever is more stringent.

General EHS Guidelines

The General EHS Guidelines contain information on cross-cutting environmental, health, and safety issues potentially applicable to all industry sectors. This document should be used together with the relevant Industry Sector Guideline(s).

General EHS Guidelines (full document) [PDF]

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The General EHS Guidelines contain the following information (links below in English only):

1. Environmental

1.1 Air Emissions and Ambient Air Quality 1.2 Energy Conservation 1.3 Wastewater and Ambient Water Quality 1.4 Water Conservation 1.5 Hazardous Materials Management 1.6 Waste Management 1.7 Noise 1.8 Contaminated Land

 

2. Occupational Health and Safety

2.1 General Facility Design and Operation 2.2 Communication and Training 2.3 Physical Hazards 2.4 Chemical Hazards 2.5 Biological Hazards 2.6 Radiological Hazards 2.7 Personal Protective Equipment (PPE) 2.8 Special Hazard Environments 2.9 Monitoring

 

3. Community Health and Safety

3.1 Water Quality and Availability 3.2 Structural Safety of Project Infrastructure 3.3 Life and Fire Safety (L&FS) 3.4 Traffic Safety 3.5 Transport of Hazardous Materials 3.6 Disease Prevention 3.7 Emergency Preparedness and Response

 

4. Construction and Decommissioning

4.1 Environment 4.2 Occupational Health and Safety 4.3 Community Health and Safety

 

References and Additional Sources

Industry Sector Guidelines

Overview of the Industry Sector Guidelines [PDF]

 

Agribusiness/Food Production

 

Chemicals

 

Forestry

 

General Manufacturing

 

Infrastructure

 

Mining

 

Oil and Gas

 

Power

Overview of the Industry Sector Guidelines [PDF]

 

Agribusiness/Food Production

 

Chemicals

 

Forestry

 

General Manufacturing

 

Infrastructure

 

Mining

 

Oil and Gas

 

Power

Pollution Prevention and Abatement Handbook (PPAH)

Earlier versions of the EHS Guidelines (including documents that were previously published in Part III of the Pollution Prevention and Abatement Handbook (PPAH) and on the IFC website), that are no longer in use, can be found below:  

Pollutants [PDF]
Pollutant Control Technologies [PDF]
World Bank Environmental, Health, and Safety Guidelines

 

Decommissioned World Bank Group (WBG) Environmental, Health, and Safety (EHS) Guidelines

In 2013, the World Bank Group began to review and update the EHS Guidelines. Outdated versions are listed below.

Annual Crop Production (2007)
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Liquefied Natural Gas (LNG) Facilities (2007)
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Offshore Oil and Gas Development (2007)
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Petroleum Refining (2007)
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Plantation Crop Production (2007)
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Ports, Harbors and Terminals (2007)
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Vegetable Oil Processing (2007)
English |  Français |  Español |  русский |  简体中文 |  عربي

Wind Energy (2007)
English |  Français |  Español |  русский |  简体中文 |  عربي