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Side Event

International Finance Institutions and the Impact of Environmental & Social Performance Standards on the Private Sector

The World Bank

Date and Time
16 October 2012 12:15 - 13:45

Eleventh meeting of the Conference of the Parties to the Convention on Biological Diversity (COP 11)

This event will describe the role of International Finance Institutions (IFIs) and their ability to influence biodiversity management practices of the private sector through the implementation of Environmental and Social Standards and compliance requirements. The main focus will be on the International Finance Corporation’s (IFC is the private sector lending arm of the World Bank Group) Performance Standard (PS) 6 on Biodiversity Conservation. IFC’s Performance Standards are in the position to transform how businesses address both their impacts and dependencies on biodiversity and ecosystem services. This session will include the business response to the recently revised PS6 (2012), what it’s going to take to scale up this response to more effectively deliver conservation outcomes across landscapes and the opportunities that lie ahead when involving the private sector as part of the solution. This session will also introduce the update and revision process for the World Bank’s (public sector) Safeguard Policies.