OECD Watch has sent a joint letter to the International Finance Corporation (IFC) calling for its Sustainability Framework Review to align with the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct – raising the bar on climate, human rights & due diligence.
OW Letter to IFC - Sustainability Framework Review and OECD Guidelines (4 downloads )
The letter highlights the unique opportunity for policy coherence that arises now in the context of coinciding initiatives underway at the OECD and World Bank Group: The IFC is reviewing its Sustainability Framework, the OECD developing new responsible business conduct guidance for development cooperation, and the World Bank Group adopting a “One World Bank” approach, involving a “makers and checkers” approach to environmental and social management and the potential integration of the bank’s independent accountability mechanisms.
We highlight commitments made and steps taken by Adherents to the OECD Guidelines to advance responsible business conduct standards in connection with development finance. We urge the IFC to use its Sustainability Framework Review to explore synergies and align standards, helping both the World Bank Group and OECD advance their shared goals to promote sustainable development, support coherence between government-backed responsible business standards, and simplify client/company implementation of government-backed sustainability expectations.
