The International Finance Corporation (IFC) and the Alliance member International Trade Centre (ITC) have joined forces to help companies and banks better understand and integrate voluntary environmental and social standards in their risk management and investment decisions.
IFC has referenced its Performance Standards on Environmental and Social Sustainability into ITC’s online Standards Map database – a first for a development finance institution.
Anders Aeroe, Director of ITC’s Division of Market Development, said: ‘ITC’s partnership with IFC has not only allowed us to feature the first development finance institution on the Standards Map but also helped strengthen the Standards Map database through a greater focus on sustainability issues covered by the Performance Standards, such as stakeholder engagement, human rights, and ecosystem services.’
Standards Map covers more than 120 sustainability standards and initiatives, including the UN Global Compact and OECD Guidelines for Multinational Enterprises, making it easier for companies to know what voluntary standards are available and how they can help strengthen production and trade activities.
‘ITC is providing an important tool to guide companies and financial institutions through the growing landscape of voluntary standards,’ said William Bulmer, Director of IFC Environment, Social, and Governance Department. ‘If properly integrated in environmental and social management systems, such standards can help companies and financial institutions significantly improve and expand their risk management.’
Incorporation of the Performance Standards into the Standards Map is just the beginning of the partnership of IFC and ITC, which share a commitment to promoting sustainability standards and opportunities for sustainable trade and investment.
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