Environmental and Social Responsibility Practices ? Moving to a Global Level Playing Field

EDC established an Environmental Review Framework in 1999. Throughout the early fall of 2001, the Corporation held public consultations across Canada to strengthen that framework, leading to a public release on November 15, 2001 of a report summarising the results of these consultations. Following this, the Corporation implemented strengthened environmental review requirements in the form of its Environmental Review Directive, in compliance with legislated amendments to Canada?s Export Development Act that went into effect on December 21, 2001. Over the past few years, there has been a global trend towards an increase in the social and environmental requirements of multilateral/bilateral financial institutions and export credit agencies. More recently, this activity has focussed on capturing institutions that have not yet adopted similar requirements and, more specifically, on developing a convergence of the requirements from institution to institution. This paper describes EDC?s new ERD and some of the initiatives that have taken place or are in process that are moving international financial institutions toward converging their environmental and social requirements for projects in the private sector.