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New IFC indicators and outcomes added to The Global Value Exchange

by Craig Foden

Jan 27, 2016

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55 indicators and 8 outcomes added to The Global Value Exchange

These indicators have been extracted from the International Finance Corporation (IFC) Sustainability Framework. The Framework summarises IFC’s commitment to sustainable development, and provides guidance on how the social and environmental risks of a project can be avoided, mitigated and managed. The Framework also outlines 8 Environmental and Social Performance Standards which IFC’s clients are required to meet throughout the lifespan of a project, forming a regulatory structure.
Although the Performance Standards were originally developed for IFC and World Bank funded projects, a range of financial institutions now use these to promote the sustainability of their investments and so will be of interest to many users of the Global Value Exchange involved in impact investing.
The importance of establishing a Social and Environmental Assessment and Management System is covered in Performance Standard 1, with Performance Standards 2 - 8 outlining how the impacts of an organisation’s project can be avoided, mitigated or managed. Each of these Performance Standards are published as separate documents, with sections outlining the specific requirements an organisation must fulfil.

We have uploaded the Performance Standards to the Global Value Exchange as outcomes by rewording each to reflect a change made by an organisation. For example, Performance Standard 2: Labour and Working Conditions has been reworded to “Organisation has taken steps to improve its labour and working conditions”.
 
IFC Performance Standard GVE outcome developed from this
Performance Standard 1:
Assessment and Management of Environmental and Social Risks and Impacts
Organisation has implemented or improved systems for identification and management of social and environmental impacts
Performance Standard 2:
Labour and Working Conditions
Organisation has taken steps to improve its labour and working conditions
Performance Standard 3:
Resource Efficiency and Pollution Prevention
Organisation has taken steps to improve resource efficiency and prevent pollution
Performance Standard 4:
Community Health, Safety and Security
Organisation has taken steps to reduce impacts on community health, safety and security resulting from their activities
Performance Standard 5:
Land Acquisition and Involuntary Resettlement
Organisation has taken steps to avoid or reduce forced evictions and displacement of people resulting from their activities
Performance Standard 6:
Biodiversity Conservation and Sustainable Management of Living Natural Resources
Organisation has taken steps to protect and enhance biodiversity and ecosystem functioning
Performance Standard 7:
Indigenous Peoples
Organisation has taken steps to protect indigenous people and their communities
Performance Standard 8:
Cultural Heritage
Organisation has implemented or improved systems for protecting and preserving cultural heritage
Sections within each Performance Standard have been uploaded as indicators and linked to the relevant outcome. For example, the indicator Protection of Cultural Heritage in Project Design and Execution (IFC Performance Standard 8) has been linked to the outcome: Organisation has implemented or improved systems for protecting and preserving cultural heritage.

For more information on the IFC Performance Standards, click here.







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