EFIC upholds environmental and social best practice in the transactions we support. Our Environment Policy assists us in reviewing and identifying the environmental and social aspects of those transactions.
Our Environment Policy has as its basis guidelines from the Organisation for Economic Co-operation and Development (OECD). The OECD brings together the governments of 30 member countries, including Australia, to support sustainable economic growth and coordinate international policies. In particular, the OECD Common Approaches on the Environment and Officially Supported Export Credits (Common Approaches) recommend procedures for the environmental and social review of transactions being considered for support by the export credit agencies of OECD member countries.
The Common Approaches also recommend the use of benchmarks when reviewing the environmental and social impacts of a project. These benchmarks include the World Bank’s International Finance Corporation (IFC) Performance Standards. EFIC has adopted the eight IFC Performance Standards as our general benchmarks for environmental and social reviews. EFIC also requires that projects meet host country standards.
EFIC’s Environment Policy is reviewed periodically, with the next review scheduled for 2010.
Reflecting EFIC’s commitment to environmental responsibility, EFIC has voluntarily joined two other initiatives:
These initiatives are consistent with EFIC’s Environment Policy.
In accordance with the Common Approaches and the Equator Principles, EFIC identifies projects which have the potential for significant adverse environmental impacts as Category A projects. EFIC discloses its potential involvement in Category A projects.