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US OPIC Office of Accountability review of Buchanan Renewables project - Liberia

Author: Office of Accountability, Overseas Private Investment Corp. (USA), Published on: 1 September 2014

"OA Review: Buchanan Renewable Energy Projects in Liberia", September 2014

An overarching lesson that emerges from this review is the need for OPIC to have robust screening, due diligence, risk mitigation, and monitoring systems in place which are proportionate to the risks that could adversely affect the achievement of desired development outcomes.

[Includes sections addressing impacts on Smallholder Farmers Under Contract with Buchanan Renewables; Charcoal Producers; Former Buchanan Renewables Workers; Carbon Neutrality, Human Rights; and Engagement with NGOs]

Recommendations to OPIC [include:]

When OPIC is considering whether to support a project that it determines to have high development risks, staff capacity and other resources need to be confirmed as sufficient for timely client engagement and monitoring...

OPIC should explore opportunities on a project-specific basis to promote positive development outcomes through its and its clients’ engagement with civil society in host countries...

OPIC should establish procedures for enhanced screening, due diligence and access to redress for projects that pose elevated human rights risks...

[Also includes recommendations to Govt. of Liberia, investors & developers, advocacy NGOs. Also refers to Vattenfall, Firestone (part of Bridgestone)]

[Response by management of OPIC to review by Office of Accountabillity available here.]

Read the full post here

Related companies: Bridgestone Bridgestone-Firestone (part of Bridgestone) Buchanan Renewables Vattenfall