The Inter-American Investment Corp. has approved a new environmental and social sustainability policy, laying down a framework of guidelines and principles to enhance its social impact and reduce the ecological footprint of its operations in Latin America and the Caribbean.
The new policy incorporates internationally recognized standards and regulations and will serve as a yardstick for agency projects and technical assistance activities. The document is the result of more than a year of extensive research, analysis and widespread collaboration from civil society, the Inter-American Investment Corp. said. A draft version of the policy was released for public consultation earlier this year and received input from organizations including the World Wildlife Fund, Conservation International, and the World Resources Institute, it added.
“The IIC is firmly committed to promoting social and environmental sustainability as part of its development mission in Latin America and the Caribbean,” noted Angela Miller, the agency’s lead environmental specialist. “The new policy consolidates our efforts to prevent pollution, mitigate climate change and protect biodiversity. It also seeks to further strengthen our commitment to promoting gender equality, good working conditions and the inclusion of indigenous people and persons with disabilities as part of our work.”
Inter-American Investment Corp. activities are subject to an appraisal process prior to implementation where they are vetted to ensure compliance with environmental and social safeguards, it said. The new policy broadens the scope of a previous framework document in effect since 1999.
The Inter-American Investment Corp. has been training small and medium enterprises and financial intermediaries on sustainability topics for more than a decade. More than 1,000 representatives from the private sector have participated in energy efficiency workshops and some 220 financial institutions have improved their environmental and social risk management as part of the agency’s annual Sustainability Week, it said.
The Inter-American Investment Corp. has a portfolio of close to US$140 million in renewable energy projects,