Better Environmental and Social Safeguards
Environmental safeguards: In 2006, the IDB approved a new Environment and Safeguard Compliance Policy that prompted environmental issues to be identified and addressed during the project design. In 2009, the Bank established an independent advisory group to provide an independent review and make recommendations to increase the effectiveness of the Bank’s new policy.
Environmental Safeguards Management: In 2007, the creation of the Environmental Safeguards Unit grouped together the critical mass of knowledge and expertise on environmental management at the Bank. The IDB was the first multilateral development bank to integrate climate change impacts as part of environmental analysis of key sectors.
In 2009, the Bank began an unprecedented process to limit the greenhouse gas emissions of the projects it finances, and endorsed the Extractive Industries Transparency Initiative (EITI), which seeks greater transparency and accountability in contracts and payments in extractive industries. Additionally, the Bank has launched sustainability scorecards for biofuel and tourism projects.
Social safeguards: The IDB approved a new operational policy for Indigenous Peoples in 2007 and, in 2009, began the process to update its existing Women in Development Policy with the objective of contributing to gender equality and the empowerment of women. The Operational policy on Gender, once approved, will make the IDB the first multilateral development institution with safeguards for gender equality.