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Description

This indicator relates to an organisation's Compensation and Benefits for Displaced Persons and is a component of IFC Performance Standard 5 (Land Acquisition and Involuntary Resettlement). When displacement cannot be avoided, those impacted must be paid full replacement cost (i.e. market value of assets in addition to transaction costs) prior to repossession. The organisation must take steps to relocate those impacted where feasible and negotiate with government or private parties to enable this. Where resettlement is undertaken, the replacement land must be at least equivalent to that of the original land. The applicability of Performance Standard 5 (Land Acquisition and Involuntary Resettlement) must be established during the environmental and social risks and impacts identification process. Elements of this process are outlined in Performance Standard 1. Other Performance Standards may also be applicable to a project. The Performance Standards are required for clients of IFC, but may also be applied by other organisations to manage their social and environmental management practices. For more information on the IFC Performance Standards see: http://www.ifc.org/wps/wcm/connect/c8f524004a73daeca09afdf998895a12/IFC_Performance_Standards.pdf?MOD=AJPERES. This indicator is taken from Performance Standard 5 of the International Finance Corporation's Sustainability Framework. Performance Standard 5: Land Acquisition and Involuntary Resettlement is part of IFC's wider strategy of promoting sustainable development and reducing financial risk. Performance Standards 2 through 8 establish objectives and requirements to avoid, minimise, and where residual impacts remain, to compensate/offset for risks and impacts to workers, Affected Communities, and the environment. While all relevant environmental and social risks and potential impacts should be considered as part of the assessment, Performance Standards 2 through 8 describe potential environmental and social risks and impacts that require particular attention. Where environmental or social risks and impacts are identified, the client is required to manage them through its Environmental and Social management System (ESMS) consistent with Performance Standard 1. For more information on the IFC Performance Standards see: http://www.ifc.org/wps/wcm/connect/c8f524004a73daeca09afdf998895a12/IFC_Performance_Standards.pdf?MOD=AJPERES. Assessment of whether this has been implemented/addressed. IFC auditing process.

The applicability of Performance Standard 5 (Land Acquisition and Involuntary Resettlement) must be established during the environmental and social risks and impacts identification process. Elements of this process are outlined in Performance Standard 1. Other Performance Standards may also be applicable to a project. The Performance Standards are required for clients of IFC, but may also be applied by other organisations to manage their social and environmental management practices. For more information on the IFC Performance Standards see: http://www.ifc.org/wps/wcm/connect/c8f524004a73daeca09afdf998895a12/IFC_Performance_Standards.pdf?MOD=AJPERES
Source

http://www.ifc.org/wps/wcm/connect/c8f524004a73daeca09afdf998895a12/IFC_Performance_Standards.pdf?MOD=AJPERES

TypeObjective
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