This event has now concluded.
International Financial Institutions’ environmental and social standards can play a crucial role in preventing discrimination and facilitating inclusion. Through the application of environmental and social standards and risk management approaches, IFIs can support racial equity in development activities financed by them. Through their environmental and social standards and risk management frameworks, IFIs can direct institutional aims to address environmental and social risks and impacts, with an awareness of how race and ethnicity factor into these issues; they can ensure the environmental and social soundness and sustainability of projects, with the aim of protecting vulnerable racial minorities; and they can support integration of environmental and social aspects of projects into the decision-making process by all parties to promote sustainability and equity.
- There is increasing understanding and awareness among IFIs: (i) that equality of all humans should epitomize and drive development projects; and (ii) of the need to take deliberate and proactive steps towards addressing racial equity in development. This is reflected in the adoption by IFIs of environmental and social standards that include racial considerations, and protection of vulnerable, minority and indigenous peoples’ rights.
- There are emerging themes and commonalities among IFI’s approach to tackling racism and promoting racial equity in development projects. These include maintaining proper and accurate data; establishing mechanisms to ensure environmental justice and soundness of projects; effective project level grievance redress mechanisms; entrenching proper diversity in leadership; accountability, appraisal and monitoring of projects; and indigenous people participation in project selection, design and implementation.
- A recognition that there is still much more to be done by IFIs both internally and with clients, and that this requires humility, collaboration, and honest commitment.