New! Environmental and Social Sustainability Policy
The new IDB Invest Environmental and Social Sustainability Policy was approved by the Board of Directors on April 10, 2020. It will become effective on December 15, 2020.
Download the new Policy in your preferred language.
Why did IDB Invest update its Policy?
Although the Sustainability Policy adopted in 2013 reflected relatively recent best practices, IDB Invest decided to further fine-tune the policy focusing on a single set of standards, providing more clarity regarding roles and responsibilities, and outlining new priority areas.
Overall, our Sustainability Policy will strengthen the way we work with our clients to mitigate risks and promote sustainability. In particular, we would like to highlight the following changes:
- Our increased focus on human rights and stakeholder engagement, including the implementation of an Engagement and Grievance Mechanism to proactively address client issues before they materialize into problems.
- Increased focus on gender and gender identity.
- Greater protection for Indigenous Peoples particularly those in voluntary isolation.
- New section on disaster risk management and increased focus on climate change and low-carbon development.
- Clarity about IDB Invest’s role and clients’ responsibilities.
- Improved language and clarity on financial institutions.
Policy Update Process
An initial draft of the updated Sustainability Policy underwent a 120-day public consultation, from June 17 to October 15, 2019. It included virtual and face-to-face dialogues in Buenos Aires, Bogota, Kingston, Panama City and Washington, DC. In addition, interested individuals were invited to share their comments on the proposed Policy through the IDB Invest website and by email at firstname.lastname@example.org.
Once the consultation period ended, IDB Invest internalized the feedback and dialogue to strengthen the effectiveness of the Environmental and Social Sustainability Policy. A consultation report describing the process and key comments received was published on this website on December 19, 2019.
The revised draft policy was then presented to the Board in the first quarter of 2020. Subsequently, a revised policy was considered and approved by the Board on April 10, 2020.
An updated Consultation Report that includes a table summarizing the comments received with IDB Invest responses is provided to the public (see documents section below).
IDB Invest held virtual meetings in English and Spanish on May 29, 2020 to explain how we took into consideration what we heard during this process.
Thank you to all the interested parties who attended the consultation sessions. We are confident that we have a much better Policy as a result of your valuable input.
We are in the process of drafting the Implementation Manual for the new Sustainability Policy and are looking forward to receiving your comments and suggestions. In August 2020, we expect to share a draft of the Implementation Manual through this website and initiate a 30-day consultation process.
Unfortunately, given the COVID-19 Pandemic we are unable to hold in-person meetings at this time, but we look forward to seeing and hearing from you in upcoming virtual meetings.
Your voice is important to us!
- June 2019: publish Policy Draft. In-person, virtual and digital consultations open for 120 days.
- September 2019: conduct in person consultations in Colombia (September 4th), Argentina (September 4th), Jamaica (September 6th), Panama (September 6th) and Washington, D.C. (September 10th). Also, conduct virtual consultation session in Spanish (September 12th), English (September 12th), Portuguese (September 13th).
- October 2019: last day to send comments regarding the draft policy (October 15th).
- December 2019: published report summarizing the comments received during the consultation.
- April 10, 2020: approval of IDB invest new Sustainability Policy by the Board of Directors.
- April 24, 2020: publish an updated consultation report with IDB Invest's responses to the comments provided by the consultation's participants and the new Sustainability Policy (effective December 15, 2020).
- July 2020: publish draft of the Sustainability Policy Implementation Manual to initiate consultation.
- August 2020: Virtual consultation process for the Sustainability Policy Implementation Manual.
Overview of the consultation and participation process.
Presentation shared at the in-person and virtual sessions.
Report on the Consultation Process
Report summarizing the consultation and participation process, including a consolidated summary of comments received and IDB Invest response.