Friday, June 21, 2019

IFC joins hands with Nepal to raise environmental and social standards in hydropower projects

International Finance Corporation (IFC) – a member of the World Bank Group – has signed an agreement with the Forest Training and Research Centre (FTRC), under Ministry of Forests and Environment, to improve adherence to environmental and social standards in hydropower development in Nepal.
Under the pact, IFC will provide advisory services to increase private sector compliance with environmental and social standards by improving development and implementation of regulatory frameworks for hydropower sector, including trainings in all seven provinces. The programme will also facilitate investments in hydropower sector by providing guidance on environmental and social standards and supporting inclusive development of hydropower in Nepal.
As a part of its support, IFC will focus on development and adoption of best practices, including capacity to implement the new Hydropower Environment Impact Assessment (EIA) Manual, released last year by the ministry and supported by IFC.
“To implement the EIA manual, we need to train our staff at all levels. This support will help us build our capacity as an oversight agency for environmental impact and to ensure effective compliance with environmental standards,” director general of FTRC Deepak Kumar Kharalsaid.
Given the vast environmental and social challenges Nepal faces, capturing the impacts and risks associated with hydropower development remains critical to ensuring sustainable development in the country.
“This will enable both the public sector as well as the private sector to have a clear guidance on what is expected to identify risks and manage the impact associated with hydropower projects as well as assess cumulative the impact while managing river basins holistically, particularly where multiple hydropower projects are being planned,” IFC’s resident representative in Nepal Mohammad Rehan Rashid said.
The programme, funded by the governments of Australia, Japan and Norway, has a strong social inclusion component focused on building resilience in communities affected by hydropower projects.
IFC – a sister organisation of the World Bank and member of the World Bank Group – is the largest global development institution focused on the private sector in emerging markets. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.

No comments: