Oxfam HK submission to AIIB Environmental and Social Framework Consultation
"Recommendations on the Asian Infrastructure Investment Bank Environmental and Social Framework Consultation", 5 Oct 2015
…The draft framework and the consultation process are a step in the right direction. However, Oxfam believes that the AIIB has an opportunity to enhance its processes and ultimately its investment outcomes by further integrating best practices for social and environmental impacts and by further expanding its consultation process on the draft ESF.
The draft ESF treats environmental and social impacts as operational and reputational risks that the AIIB seeks to mitigate (para 4), although it does recognise the benefits of social inclusion (para 7). Environmental and social safeguard policies have traditionally been treated as risk mitigation approaches by investors. However, there is growing recognition that sound environmental and social practices are crucial for successful investments and long-term sustainable project outcomes. Oxfam encourages the AIIB to consider the benefits of environmental and social policy requirements in supporting long-term project outcomes.
[Topics include:]
Consultation Process…
Involuntary Resettlement…
Loopholes in the protections afforded in draft ESF Standard 2…
Grievance Mechanism…
Food Security…
Indigenous Peoples…
Environmental Classification…
Financial Intermediaries…
Country Systems…
Phased Approach…
Due Diligence and Staffing…
Information Disclosure…