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Press Release: IFC's New Standards - A Risky Step for People and Planet

Author: Bank Information Center, Bretton Woods Project, BothEnds, Environmental Defense, Forest Peoples Programme, Friends of the Earth-US, Indian Law Resource Center, International Accountability Project, Published on: 21 February 2006

Warning that the International Finance Corporation’s overhaul of its social and environmental standards relies too heavily on promises of good intentions, international civil society organizations have called the IFC’s new approach a risky experiment that could leave the people and environments affected by its projects more vulnerable than they were before...IFC’s new standards do not specify when consultation with local populations affected by its operations will take place, do not adequately protect the rights of indigenous peoples to their lands and natural resources—including their right to free prior informed consent, undermine existing World Bank policy with respect to resettlement, and do not require independent assessment and verification of project impacts, relying heavily instead on companies’ self-reporting. [refers to JP Morgan Chase, ABN AMRO]

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Related companies: ABN Amro JPMorgan Chase