Stephen is a former President of the IAIA and was the Co-Chair of the Asia Day Forum held during our Annual Conference in Nagoya this May. It also provides a loophole for avoiding the procedures that require the Agency to follow a host of "safeguard" policies such as policies on indigenous peoples, information disclosure, involuntary resettlement, forestry, etc., and instead apply other "internationally recognized standards of best management practices" if guidelines and host country laws do not exist. The higher returns of development: MIGA's catalytic role. Cumulative Impact Assessment of Hydropower Development in Pakistan: A Case Study in a Critical Habitat in the Jhelum-Poonch Rivers Watershed. The presenter was Mr. Charles Di Leva (far right), Chief Environmental and Social Standards Officer at the World Bank. Category FI is assigned to business activities undertaken by Financial Intermediaries or through delivery mechanisms involving financial intermediation. MIGA does not provide credit directly – rather, it is focused on providing investment guarantees and credit enhancement to foreign private investors and lenders.
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On the other hand, MIGA-guaranteed projects such as the Freeport McMoRan Grasberg gold and copper mine in West Papua have been associated with the loss of livelihoods of thousands of indigenous peoples, conflicts between local indigenous peoples and the Indonesian military protecting the company, and huge environmental and social costs that local people have to bear. Countries are very careful to not damage their reputation with other investors, cause problems with the Bank, or threaten Bank loans to their countries. He has over 15 years of experience in environmental and social management working on oil, gas, mining and infrastructure projects in Latin America, Asia and Africa. Reference Links: 7 October 2015. Another reference mentioned during the event is the IFC Good Practice Handbook – Cumulative Impact Assessment and Management: Guidance for the Private Sector in Emerging Markets: 7 January 2016. The Proposed Environmental and Social Framework uses a risk-based approach to environmental and social risks and impacts, with succinct and clear provisions for efficient application. Manufacturing||20%||12%||15%|. One advantage that MIGA has over private-sector PRI providers is its ability to extend long tenors —in some cases up to 20 years. The recommendations of this review will be factored into Bank Managements review of global good practice, which will be carried out in preparation of an overall update of Bank policies on project safeguards. The November 2018 revision of the IFC's Guidance Note 6 on Biodiversity Conservation and Sustainable Management of Living Natural Resources adopts many of the criteria of the RLE and the 2016 KBA Standard. We hope to see you at the Happy Hour on Tuesday. The review and update of the World Bank's environmental and social safeguard policies was launched in 2012 with the aim of strengthening their effectiveness and enhancing the development outcomes of World Bank investment projects. 00 as an integral element of the ongoing process for updating and consolidation of the environmental and social safeguard policies.
This category is further divided into: FI 1: when existing or proposed portfolio expected to include substantial business activities that have potential significant adverse environmental or social risks or impacts that are diverse, irreversible, or unprecedented. There was good discussion of the costs and resources that were needed for the 2010 event, and the need to assure that follow up and sponsorship efforts are addressed. Meanwhile, the topic of climate change and impact assessment (CCIA) has become even more timely with recent Paris climate change agreement, and dedication of IAIA's 2017 International Conference to the theme of Impact Assessment's Contribution to The Global Efforts in Addressing Climate Change. Originally adopted in 2006, IFC's Sustainability Framework was updated in 2012 following an 18-month consultation process with stakeholders around the world. Additional benefits accrue to host countries because MIGA ensures that projects are aligned with their development strategy and meet high environmental and social standards as a condition of coverage.
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For those projects that use the World Bank Performance Standards adopted in July 2012, the classification system for Financial Intermediary (FI) operations that was adopted by IFC for use after January 1, 2012 will be used. Management presented a second draft Environmental and Social Framework (ESF) to the Committee on Development Effectiveness (CODE) in June and July 2015. More broadly, following the conclusion of the External Review, CAO has engaged with IFC to reflect on its experience with remedy with a view to contributing insights to the institutions' deliberations and identifying ways in which CAO can strengthen its own role in remedy. Closing Date: 9/28/2021 (MM/DD/YYYY) at 11:59pm UTC. Although Findeter lends through intermediary FIs, for facilities supported by development finance institutions such as MIGA, the E&S risk management of the underlying projects is handled by Findeter. PLN was later unable to keep the contract due to the price mark-up, in addition to the impacts of the economic crisis which significantly devalued the Rupiah against the dollar. For example, the Environmental Policy allows MIGA to waive a requirement for consultations with local stakeholders before and during the EIA process if it feels that host country disclosure laws are adequate and have been followed. 1]Amount of guarantee exceeds loan princpal to account for interest, MIGA premium and other costs.
MIGA also provided political risk coverage to the PT Enron Java Power Co. and had to pay a claim to PT Enron when the Indonesian power company, PLN, cancelled its power purchase agreement with PT East Java Power Co. -- a subsidiary of PT Enron Java Power Co. Indonesia incurred a USD15 million penalty. As part of his current position, Raymi works closely with private sector companies in assuring compliance with IFC's Environmental & Social Performance Standards and adopting Good International Industry Practices for their projects. MIGA's environmental and social sustainability policies are derived from our extensive experience insuring investments around the world. See: Impact Assessment's Contribution to the Global Efforts in Addressing Climate Change. IUCN Red List of Ecosystems, the Key Biodiversity Areas (KBA) Standard, and Critical Habitat.
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Justin Pooley is a Principal Specialist in IFC's Environment, Social & Governance Department and the department's global sector lead for power projects. This second draft increases harmonization with IFCs performance standards after the first draft already introduced the standard model to succeed the Banks current OP/BP model. Track record in working with private sector firms across industry sectors to identify climate and environmental risks and issues and develop mitigation measures to ensure compliance with good international industry practice. They are a powerful tool for identifying risks, reducing development costs, and improving project sustainability—benefiting affected communities and preserving the environment. CAO is monitoring IFC responses to 12 completed investigations, including 6 released this year, which are described below. Useful References: IAIA CC and IA Follow-Up Next Steps, Draft, 15 April 2016, for discussion at IAIA-16. OPCS has already initiated new training on this matter and are covering this issue in our updated guidance materials such as the one discussed immediately above concerning screening and classification.
The positions will be based at MIGA's headquarters in Washington, DC. MIGA's status as a member of the World Bank Group significantly strengthens its ability to resolve potential disputes between investors and host countries, and is an important asset in the insurance marketplace. Phase 1 consultations included a series of seven expert meetings on each of the emerging issues identified in the Approach Paper. A list of international guidance resources and speakers' contact details can be found in the last few slides of their presentation. Everyone will pay their own way. Related advisory notes in 2022 will provide information and recommendations to assist IFC in developing a coherent framework as it relates to both responsible exit and remedy. Although advance registration is not required for visitor's entry to MIGA's office (please bring valid government issued ID! However, MIGA has one advantage over other political risk insurance providers: it has a strong "deterrence" factor. So the intention was to engage both the WAB membership and Washington-based development agencies, rekindle discussions begun at the Symposium in 2010, and begun building awareness and momentum for future efforts, including IAIA 17. An element of this was World Bank participation in the Strengthening and Use of Country Safeguard Systems Regional Workshop: Sharing Experience Strengthening Partnerships, held in Manila in April 2012.
Sameer Akbar, World Bank. This series of monthly factsheets on International Financial Institutions (IFIs) will include information on the World Bank Group, the International Monetary Fund (IMF) and the Asian Development Bank (ADB), focussing on their involvement in Indonesia. MIGA's Performance Standards. IAIA members can check out WAB on IAIAConnect. MIGA analyzed the Findeter's portfolio for types of transactions, tenor, size, industry sectors, and exposure to MIGA's Exclusion List. These layers in the financing structure of the GCF are worth examining in the light of the issues faced by the IFC. A large majority of MIGA's clients are multinational corporations based in industrialized nations, including some of the largest corporations in the world: Japan-based Mitsubishi and Marubeni, U. S-based Citigroup and tobacco-giant Philip Morris. Some include using phased investment, local partnerships, engagement with the host government and local communities, and political risk insurance (PRI). While MIGA staff will, from time to time, visit project sites and review a sample of projects, MIGA has to rely heavily upon information provided by its clients to monitor projects.