LONDAR Sergiy, LONDAR Lidia, BRYNIUK Oleksandra
FEATURES OF THE PREPARATION AND IMPLEMENTATION OF THE WORLD BANK PROJECTS, TAKING INTO ACCOUNT THE REQUIREMENTS OF THE UPDATED ENVIRONMENTAL AND SOCIAL POLICIES «ENVIRONMENTAL AND SOCIAL FRAMEWORK (ESF)»
Abstract. The article analyzes the conceptual approach of the World Bank to the integration of environmental and social aspects in World Bank-financed projects. The logistics of the transition from the previous environmental and social policies known as «Safeguard Policies» to the updated environmental and social policies document «Environmental and Social Framework» is outlined. Created in the early 1980s, the «Safeguard Policies» accumulated measures to manage the risks and negative impacts of the implementation of the World Bank projects. The updated environmental and social policies of the World Bank allow for the most comprehensive evaluation of projects submitted to the World Bank for financing, to evaluate, manage and reduce potential risks and negative impacts taking into account new problematic issues and challenges of the contemporary world. The document «Environmental and Social Framework» covers a wider range of environmental and social issues than «Safeguard Policies», including information disclosure, social integration, the prevention of various types of discrimination, etc. The new approach not only focuses on aspects of the project that should be addressed while planning and implementing the project, but also provides an algorithm for special measures and procedures to achieve the most positive impact of the project on society and the environment. The article shows the relationship of the «ESF» with the United Nations Concept on Sustainable Development, adopted in September 2015. The article discloses the content of the ten new World Bank Environmental and Social Standards, which since October 2018 are mandatory for the preparation of projects submitted for funding purposes. The new standards of the World Bank allow borrowers to study in the most comprehensive way the potential risks that may arise during the implementation of the projects, develop measures to minimize these risks and to maximize the positive effect of project implementation, and ensure the sustainable development of the projects in the future.
Keywords: environmental and social policies, the World Bank, environmental and social risks, risk management, the World Bank standards, sustainable development.
JEL classification: D02, D23, M11.