This blog examines the importance of ESG and accountability to communities – the third component of our DFI Transparency Tool. It reviews how the rights-based approach for access to information has affected the ESG disclosure of development finance institutions. It welcomes the shift towards presumption of disclosure from DFIs, and discusses why a commitment to pro-active disclosure of all ESG information is needed for openness and accountability to the public and project-affected communities.
Our DFI Transparency Initiative has completed its third research Work Stream onESG and accountability to communities, which identified a number of areas where the transparency of Development Finance Institutions could be improved. Our CEO Gary Forster wanted to explore why more transparent and better risk management and accountability is in the best interest of DFIs themselves, and so talked to Peter Woicke about our findings. Peter is the former CEO of the International Finance Corporation (IFC) and Managing Director of the World Bank from 1999 to 2005.
The transparency practices of development finance institutions (DFIs) rarely match up to their policies on the disclosure of environmental, social and governance (ESG) risks and accountability, according to new research from our DFI Transparency Initiative. The research examined the transparency of 20 bilateral and multilateral DFIs.
Join us on 11th February to discuss the transparency of development finance institutions (DFIs), with a focus on our findings from work stream 3 on environment, social and governance (ESG) and accountability to