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Responsibility of International Financial Institutions for Harmful Environmental Consequences Arising from Their Development Interventions
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Since the early 1980s, IFIs have assumed greater role, especially in developing countries; their total lending has dramatically increased, affecting billions of people in their Borrower States. Though the purpose of the development assistance provided by IFIs is to alleviate poverty and promote economic and social development in their member countries, IFIs have been subject to massive criticism by civil society institutions, international NGOs and local communities for the harmful environmental, social and economic impacts resulting from their development interventions in borrower countries, such as deforestation, displacement of indigenous peoples, and unemployment. While the role of IFIs has expanded over time, affecting billions of people, their accountability mechanisms remained behind and were criticized for lacking sufficient independency and enforceability. The serious adverse environmental impacts of the World Bank鈥檚 funded projects, along with their weak accountability mechanisms, raises the question of 'To what extent IFIs should be held internationally responsible for the harmful environmental consequences arising from their development interventions?'. This paper argues that IFIs are legally responsible for the harmful environmental consequences arising from their development interventions. The study (i) identifies the applicable laws and relevant primary rules from which the international environmental obligations of IFIs towards their borrower countries are derived (ii) assesses the World Bank鈥檚 compliance to the principles of the International Environmental Law including the precautionary principle, the polluter pays principle, and the principle of Good-Neighborliness, (iii) assesses the World Bank鈥檚 current internal accountability mechanisms for harmful environmental impacts resulting from the World Bank鈥檚 funded projects, and finally (iv) identifies the appropriate dispute settlement mechanisms to which states and non-state actors could raise their claims against IFIs for harmful environmental consequences arising from their interventions. <iframe src="https://publications.waset.org/abstracts/124944.pdf" style="width:100%; height:400px;" frameborder="0"></iframe> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=international%20environmental%20law" title="international environmental law">international environmental law</a>, <a href="https://publications.waset.org/abstracts/search?q=international%20financial%20institutions" title=" international financial institutions"> international financial institutions</a>, <a href="https://publications.waset.org/abstracts/search?q=international%20responsibility" title=" international responsibility"> international responsibility</a>, <a href="https://publications.waset.org/abstracts/search?q=world%20bank" title=" world bank"> world bank</a>, <a href="https://publications.waset.org/abstracts/search?q=environmental%20and%20social%20safeguards" title=" environmental and social safeguards "> environmental and social safeguards </a> </p> <a href="https://publications.waset.org/abstracts/124944/responsibility-of-international-financial-institutions-for-harmful-environmental-consequences-arising-from-their-development-interventions" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/124944.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">169</span> </span> </div> </div> </div> </main> <footer> <div id="infolinks" class="pt-3 pb-2"> <div class="container"> <div style="background-color:#f5f5f5;" class="p-3"> <div class="row"> <div class="col-md-2"> <ul class="list-unstyled"> About <li><a href="https://waset.org/page/support">About Us</a></li> <li><a href="https://waset.org/page/support#legal-information">Legal</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/WASET-16th-foundational-anniversary.pdf">WASET celebrates its 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