The World Bank has approved a new environmental and social framework it says will strengthen protection for people and the environment in projects it finances.
The framework updates its previous policies, which were published more than 20 years ago, and is the fruition of a four-year consultation with governments, development experts and civil society groups in 63 countries.
The bank has updated its aspirations for environmental and social sustainability and those for which it must meet itself. It has also set out the standards prospective borrowers and projects must meet.
These include assessment and management of environmental and social risks and impacts; labour and working conditions; resource efficiency and pollution prevention and management; and biodiversity conservation and sustainable management of natural resources.