The International Finance Corporation’s oversight body highlighted issues this week with a management-endorsed plan to remedy problems caused by coal power plants financed by a Philippine bank in which it holds investments.
“IFC action to date does not demonstrate that IFC has effectively implemented its Management Action Plan commitments to address CAO non-compliance findings and related harm,” the Compliance Advisor Ombudsman’s compliance investigation monitoring report says.
At the heart of the dispute is how IFC and the Rizal Commercial Banking Corporation, or RCBC, a Philippines Bank, applied environmental and social standards to investments in 10 coal-fired power plants. Local communities report that these projects have led to displacement, pollution, health issues, and disrupted livelihoods.
About the author
Adva Saldinger@AdvaSal
Adva Saldinger is a Senior Reporter at Devex where she covers development finance, as well as U.S. foreign aid policy. Adva explores the role the private sector and private capital play in development and authors the weekly Devex Invested newsletter bringing the latest news on the role of business and finance in addressing global challenges. A journalist with more than 10 years of experience, she has worked at several newspapers in the U.S. and lived in both Ghana and South Africa.
