World Bank environmental guidelines: The new international standard
- Reid Priest, Washington, DC (United States)
The World Bank's environmental standards are emerging as the consensus basis for environmental compliance by independent power projects in the developing world. The standards are mandatory for projects financed by The World Bank, whether financed directly, through the International Finance Corporation (IFC), or indirectly, through the International Bank for Reconstruction and Development (IBRD) under programs such as the Expanded Cofinancing Program. However, even for projects financed from other sources, compliance with World Bank environmental standards is becoming a widely recognized and accepted measure of environmental impact that project sponsors are expected to satisfy. Sometimes compliance is required by the host country, which is searching for a meaningful environmental standard in the face of poorly developed or nonexistent local environmental laws. In other instances, developers impose the requirement on themselves as a means of screening project opportunities and assuring investors that they are exercising due diligence to avoid environmental problems down the road. Unfortunately, developers seeking to comply with World Bank environmental standards are leaning that, notwithstanding the seemingly definitive nomenclature, these standards are not always easy to identify. The World Bank's environmental program is still evolving, and there may not be an environmental standard for a particular country or technology. Nevertheless, developers and investors in international projects should attempt to obtain as clear an understanding as possible of applicable environmental standards early in the development process in order to avoid unexpected costs and delays down the road.
- OSTI ID:
- 7079658
- Journal Information:
- Fortnightly; (United States), Journal Name: Fortnightly; (United States) Vol. 132:16; ISSN FRTNE8
- Country of Publication:
- United States
- Language:
- English
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