EFIC introduced its Environment Policy in 2000 after extensive consultation and research of practices worldwide.

The Environment Policy provides a framework for the identification and assessment of any significant environmental impacts of export transactions and overseas investments for which EFIC facilities are sought. Since the introduction of the Environment Policy, EFIC has utilised an environmental screening process to categorise high, medium and low environmental and social risk transactions as A, B, or C respectively. The Environment Policy provides for interested parties to be informed about Category A transactions under consideration and provides those parties with the opportunity to make submissions for consideration and assessment in relation to those proposed transactions.

EFIC remains at the forefront of development of environmental assessment processes among Export Credit Agencies worldwide. EFIC is committed to periodically reviewing its Environment Policy to ensure it continues to be effective in assessing the actual and potential environmental impacts of export transactions and projects. Detailed below is the approach adopted in conducting the Review that resulted in EFIC's 2005 Environment Policy.

There were various stages to the Review process. They included:

1. Conformance issues
A series of issues were identified. The issues were based upon the July 2000 Environment Policy and formed the basis of the PwC conformance evaluation referred to below.
 

2. PwC undertook an assessment
The Review included PwC evaluating, against the 2000 Environment Policy, a sample of Category A, B and C assessments approved during the Review period (July 2000 to March 2003). PwC prepared a report that addressed EFIC's conformance with its Environment Policy during the Review period. That report can be reviewed by clicking on the PWC Report tab.

3. Looking forward
Details of the steps taken to assess possible changes to the 2000 Policy can be found at the Environment Policy Development 2005 tab.