【Top 10 International Events】No.04 World Bank approves New Environmental and Social Framework

On August 4, The World Bank’s Board of Executive Directors approved a new Environmental and Social Framework (ESF). The approved ESF introduces comprehensive labor and working condition protection; an over-arching non-discrimination principle; community health and safety measures that address road safety, emergency response and disaster mitigation; and a responsibility to include stakeholder engagement throughout the project cycle. The framework is expected to go into effect in early 2018.
 
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Responsible investment is indispensable to guide enterprises to acquire economic, social and environmental benefits and realize sustainable development. More and more governments and international organizations tend to use economic leverage to lead the responsible operation. World Bank raises the environmental and social standard of bank-financed investment projects can satisfy and deal with the new challenges and demands of the development projects and also contribute to improving the efficiency and transparency of bank-financed investment projects and improve the development results.