The 8 IFC Environmental and Social Performance Standards You Need to Know
The International Finance Corporation (IFC) is the private sector arm of the World Bank Group, whose mission is to promote sustainable investment in the sector for developing countries, which in turn contributes to reducing poverty and boosting economic growth.
For this purpose, the IFC has developed a set of 8 performance standards on environmental and social sustainability. The IFC Performance Standards are directed towards clients, providing guidance on how to identify risks and impacts, and are designed to help avoid, mitigate, and manage risks and impacts as a way of doing business in a sustainable way, including stakeholder engagement and disclosure obligations of the client in relation to project-level activities.
In addition, companies that adopt these standards are eligible for IFC financing, including for the agribusiness sector.
Now, let's see what 8 performance standards on environmental and social sustainability are in the following image!