Impact of the World Bank Group's Social and Environmental Policies on Extractive Companies and Financial Institutions : Phase One
2003
Everett, Richard | Gilboy, Andrew
The World Bank Group (WBG) has emerged as a standard bearer that members of the international corporate community assess themselves against, often regardless of whether they are involved in a direct funding relationship. For example, a trend has been noted that some extractive industry companies, who, for the most part are not direct recipients of WBG assistance, are changing the way they do business and adopting practices that follow social and environmental guidelines similar to those prescribed by the World Bank. This research effort, commissioned by the WBG's Extractive Industry Review Secretariat, examined a number of extractive companies, and the private financial partners and export credit agencies that finance them, to ascertain the impact - if any - the WBG guidelines are having on their environmental and social policies and practices. Research was focused in particular on smaller exploration and production companies which are not direct clients of the WBG. Key findings indicate that WBG policy impacts on small Exploration & Production (E&P) companies appear indirect and minimal, and that the WBG appears to have a more significant and direct impact on private financial partner and Export Credit Agency (ECA) environmental and social initiatives.
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