Sectors:
-
Climate & environment
-
Energy – Fossil Fuels
-
Energy – Hydro and renewables
-
Finance
-
Law and government
Country: Global
Summary
In December of 2023, Bank Climate Advocates (BCA) and a Coalition of 28 CSOs from the Global South and North Submit Programmatic Climate Change Request to the IFC Compliance Advisor Ombudsman (CAO). The Request (1) documents IFC’s systematic failures identified by BCA across 350 investments from 2012 – 2023 to adhere to its climate change policies and obligations under international law prior to its financing decisions pertaining to GHG emissions quantification, alternatives analysis, mitigation, disclosure, and affected communities impact assessment, and (2) asks the CAO to use its discretionary authority to issue an advisory report and undertake a compliance appraisal to help cure IFC’s failures and redress harms. In October 2024, the CAO issued an advisory opinion highlighting the significant misalignments between IFC’s climate change policies and their implementation and the Paris Agreement’s 1.5°C climate target.
Relevant IFC Standards
-
Performance Standard 1 Assessment and Management of Environmental and Social Risks and Impacts
-
Performance Standard 3 Resource Efficiency and Pollution Prevention
-
Performance Standard 6 Biodiversity Conservation and Sustainable Management of Living Natural Resources