In our previous blog of this 3-part blog series, we showed how earlier safeguards involvement in project cycles contributes to improved sustainability performance. In this blog, we illustrate how the use of safeguards helps countries manage environmental and social impacts, and help sponsors implement innovative best practices.
On the day we celebrated the World Day of Social Justice, it seemed appropriate to talk about education, as education is one of the basic pillars to achieve social justice.
When we picture the Commonwealth of the Bahamas, much of what we envisage is a luxurious sun, sea and sand getaway, especially since the country has one of the highest GDPs in the Latin American and Caribbean (LAC) region. Given this imagery, it easy to assume that there are little to no challenges faced by a population of less than 400,000 people.
In our previous blog of this 3-part blog series, we learned that safeguard policies are instrumental in facilitating sustainability in IDB projects. In this blog, we provide findings demonstrating how earlier safeguards involvement in project cycles contributes to improved sustainability performance.
The Inter-American Development Bank (IDB) defines the term “Safeguards” as a “set of policies to ensure protection against environmental and social harm, improve development value for stakeholders, and enable countries and clients to meet best international practices.” In relation to sustainability, the purpose of implementing safeguards is to develop projects that maximize positive environmental and social outcomes while minimizing risks and negative impacts on people and natural capital.
This is the standard phase we hear or say after seeing the results of a river’s strong swell. Floods that affect cities, forcing thousands of families out of their homes, floods in which they lose the majority of their belongings, floods in which economic activity is suspended and, as a result, income is diminished: These effects all form part of the dynamic of ecosystems, and are a significant influence on the evolution and maintenance of biodiversity.
There are several tools available to manage environmental and social impacts and risks in projects. These tools include Environmental and Social Impact Assessments, Environmental and Social Management Frameworks, Environmental and Social Management Systems and Risk-based Assessments.What do all of those tools have in common? They define specific indicators to track and manage environmental and social performance of projects over time.
The safeguard policies of the Inter-American Development Bank (IDB) seek to guide the Bank’s staff and clients in their analysis of the potentially adverse environmental and social impacts of IDB-financed projects. One key tool in this process is the Environmental Impact Assessment (EIA). EIAs are carried out whenever a project has the potential to produce negative environmental or social impacts.