AIIB approves revised Environmental and Social Framework
"AIIB Strengthens Its Commitment to Environmental and Social Standards", 21 May 2021
Today, the Asian Infrastructure Investment Bank (AIIB) Board of Directors reaffirmed its commitment to environmental and social standards by approving a revised Environmental and Social Framework (ESF). The ESF guides AIIB and its clients in the management of environmental and social risks and impacts of AIIB-financed projects. Originally adopted in February 2016, the ESF serves as the cornerstone of AIIB’s commitment to supporting environmentally and socially sustainable infrastructure projects for its clients.
Key changes in the revised ESF includes:
- Strengthened language on climate change reflecting AIIB’s climate change financing target of 50% of approved financing.
- Enhancing transparency by adding deadlines for the disclosure of environmental and social documentation and adding more clarity on the disclosure of financial intermediary operations.
- New measures to address environmental, social and governance (ESG) approaches in capital markets operations.
- Elevated importance of gender equality and commitment to addressing gender-based-violence.
- Enhanced language to protect biodiversity and to exclude asbestos from AIIB-financed projects.
The revisions will take effect in October 2021. [...]