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Bringing Multilateral Environmental Agreements into Development Finance: An Analysis of the Asian Infrastructure Investment Bank's Environmental and Social Framework

Published online by Cambridge University Press:  11 July 2022

Wei-Chung Lin
Wei-Chung Lin*
Affiliation:
Department of Financial and Economic Law, College of Law, National Chung Cheng University, Chiayi (Taiwan).
*
E-mail: wclintw@ccu.edu.tw.
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Abstract

Multilateral development banks (MDBs) are crucial in promoting economic growth through their project finance activities. Meanwhile, to address negative effects arising from their development projects, MDBs increasingly have focused their attention on the environmental and social impacts of their supported projects in recent decades. This article analyzes the relationship between the Environmental and Social Framework (ESF) adopted by the Asian Infrastructure Investment Bank (AIIB) and multilateral environmental agreements (MEAs). It argues that better compliance with MEAs by the AIIB and its borrowers in implementing AIIB-supported development projects will be achieved only if its independent accountability mechanism (IAM) can actively examine project compliance with the ESF in the light of MEAs. The AIIB has an opportunity to provide leadership in promoting the fulfilment of MEA obligations in development finance. However, this is contingent on ensuring effective oversight by its newly established IAM moving forward.

Keywords

Multilateral development banks (MDBs)Safeguard policiesMultilateral environmental agreements (MEAs)Asian Infrastructure Investment Bank (AIIB)Environmental and Social Framework (ESF)Independent accountability mechanisms (IAMs)
Type
Article
Information
Transnational Environmental Law , Volume 11 , Issue 3 , November 2022 , pp. 655 - 681
Copyright
Copyright © The Author(s), 2022. Published by Cambridge University Press.

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Footnotes

This research was supported by the Taiwan Ministry of Science and Technology Research Project Grant (107-2410-H-194-035). I wish to thank the anonymous reviewers for TEL for their valuable comments and suggestions on this article. All errors are my own.

References

1 See, generally, O. McIntyre & S. Nanwani (eds), The Practice of Independent Accountability Mechanisms (IAMs): Towards Good Governance in Development Finance (Brill, 2019).

2 See, e.g., B. Gu, The Law and Governance of the Asian Infrastructure Investment Bank (Wolters Kluwer, 2018); N. Lichtenstein, A Comparative Guide to the Asian Infrastructure Investment Bank (Oxford University Press, 2018); Ransdell, J., ‘Institutional Innovation by the Asian Infrastructure Investment Bank’ (2018) 9(1) Asian Journal of International Law, pp. 125–52CrossRefGoogle Scholar; Wu, C., ‘Global Economic Governance in the Wake of the Asian Infrastructure Investment Bank: Is China Remaking Bretton Woods?’ (2018) 19(3) Journal of World Investment & Trade, pp. 542–69CrossRefGoogle Scholar; Ong, D., ‘The Asian Infrastructure Investment Bank: Bringing “Asian Values” to Global Economic Governance?’ (2017) 20(3) Journal of International Economic Law, pp. 535–60CrossRefGoogle Scholar; Chow, D., ‘Why China Established the Asia Infrastructure Investment Bank’ (2016) 49(5) Vanderbilt Journal of Transnational Law, pp. 1255–98Google Scholar; Wu, X., ‘Friendly Competition for Co-Progressive Development: The Asian Infrastructure Investment Bank v. the Bretton Woods Institutions’ (2017) 16(1) Chinese Journal of International Law, pp. 41–76CrossRefGoogle Scholar.

3 AIIB, ‘Project Summary’, available at: https://www.aiib.org/en/projects/summary/index.html.

4 Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB AoA), Beijing (China), 29 June 2015, in force 25 Dec. 2015, Art. 1(1), available at: https://www.aiib.org/en/about-aiib/basic-documents/_download/articles-of-agreement/basic_document_english-bank_articles_of_agreement.pdf.

5 Asian Infrastructure Investment Bank Environmental and Social Framework (AIIB ESF), amended Feb. 2019 and May 2021, Introduction, para. 8.3, available at: https://www.aiib.org/en/policies-strategies/_download/environment-framework/AIIB-Revised-Environmental-and-Social-Framework-ESF-May-2021-final.pdf.

6 See Plater, Z., ‘Damming the Third World: Multilateral Development Banks, Environmental Diseconomies, and International Reform Pressures on the Lending Process’ (1988) 17(1) Denver Journal of International Law & Policy, pp. 121–53Google Scholar, at 123–35.

7 Berger, T., ‘The World Bank's Independent Review of India's Sardar Sarovar Projects’ (1993) 9(1) American University Journal of International Law & Policy, pp. 33–48Google Scholar, at 35–7.

8 See, e.g., Declaration of the United Nations (UN) Conference on the Human Environment (Stockholm Declaration), adopted by the UN Conference on the Environment, Stockholm (Sweden), 5–16 June 1972, Principle 13, available at: https://www.ipcc.ch/apps/njlite/srex/njlite_download.php?id=6471; UN General Assembly (GA) Res. 37/7, ‘World Charter for Nature’, 28 Oct. 1982, UN Doc. A/RES/37/7, paras 7–8, available at: https://undocs.org/en/A/RES/37/7; Rio Declaration on Environment and Development (Rio Declaration), adopted by the UN Conference on Environment and Development, Rio de Janeiro (Brazil), 3–14 June 1992, UN Doc. A/CONF.151/26/Rev.1 (Vol. I), Annex I, Principle 4, available at: https://www.un.org/en/development/desa/population/migration/generalassembly/docs/globalcompact/A_CONF.151_26_Vol.I_Declaration.pdf; Agenda 21, adopted by the Rio Conference, ibid., UN Doc. A/CONF.151/26/Rev.1 (Vol. I), Annex II, Ch. 8.2, available at: https://sustainabledevelopment.un.org/content/documents/Agenda21.pdf; Copenhagen Declaration on Social Development, adopted by the World Summit for Social Development, Copenhagen (Denmark), 6–12 Mar. 1995, UN Doc. A/CONF.166/9, para. 6, available at: https://www.un.org/en/development/desa/population/migration/generalassembly/docs/globalcompact/A_CONF.166_9_Declaration.pdf.

9 See, e.g., Gabčíkovo-Nagymaros Project (Hungary v. Slovakia), Judgment, 25 Sept. 1997, ICJ Reports (1997), p. 7, at 77–8; Iron Rhine Arbitration (Belgium v. The Netherlands), Award, 24 May 2005, XXVII Reports of International Arbitral Awards (2005), p. 35, at 66–7; Pulp Mills on the River Uruguay (Argentina v. Uruguay), Judgment, 20 Apr. 2010, ICJ Reports (2010), p. 14, at 74–5.

10 P. Sands et al., Principles of International Environmental Law, 4th edn (Cambridge University Press, 2018), pp. 217–21.

11 See Sands, P., ‘International Courts and the Application of the Concept of “Sustainable Development”’ (1999) 3 Max Planck Yearbook of United Nations Law, pp. 389–405CrossRefGoogle Scholar; V. Lowe, ‘Sustainable Development and Unsustainable Arguments’, in A. Boyle & D. Freestone (eds), International Law and Sustainable Development: Past Achievements and Future Challenges (Oxford University Press, 1999), pp. 19–37.

12 P. Birnie, A. Boyle & C. Redgwell, International Law and the Environment, 3rd edn (Oxford University Press, 2009), pp. 125–7.

13 Ibid.; D. French, ‘Sustainable Development’, in M. Fitzmaurice, D. Ong & P. Merkouris (eds), Research Handbook on International Environmental Law (Edward Elgar, 2011), pp. 51–68, at 54–6.

14 G. Handl, ‘The Legal Mandate of Multilateral Development Banks as Agents for Change toward Sustainable Development’ (1998) 92(4) American Journal of International Law, pp. 642–65.

15 Agreement Establishing the EBRD, 29 May 1990, in force 28 Mar. 1991, Paris (France), Art. 2, available at: http://www.ebrd.com/documents/comms-and-bis/pdf-basic-documents-of-ebrd-2013-agreement.pdf.

16 Articles of Agreement of the IBRD (IBRD AoA), 22 July 1944, in force 27 Dec. 1945, Bretton Woods (United States (US)), Art. III(5)(b) (emphasis added), available at: https://thedocs.worldbank.org/en/doc/722361541184234501-0330022018/original/IBRDArticlesOfAgreementEnglish.pdf.

17 Ibid., Art. IV(10) (emphasis added).

18 See, e.g., Articles of Agreement of the IDA (IDA AoA), 26 Jan. 1960, in force 24 Sept. 1960, Washington, DC (US), Arts V(1)(g) and V(6), available at: https://ida.worldbank.org/sites/default/files/IDA-articles-of-agreement.pdf; Articles of Agreement of the IFC (IFC AoA), 25 May 1955, in force 20 July 1956, Washington, DC (US), Art. III(9), available at: https://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/about+ifc_new/ifc+governance/articles.

19 D. Bradlow, ‘International Law and the Operations of the International Financial Institutions’, in D. Bradlow & D. Hunter (eds), International Financial Institutions and International Law (Kluwer Law International, 2010), pp. 1–30, at 12–7.

20 See, e.g., IBRD AoA, n. 16 above, Arts I(i) and I(iii); IDA AoA, n. 18 above, Arts I, V(1)(a) and V(1)(b); IFC AoA, n. 18 above, Art. I.

21 See also J. Lorenzo, ‘“Development” versus “Sustainable Development”? (Re-)Constructing the International Bank for Sustainable Development’ (2018) 51(2) Vanderbilt Journal of Transnational Law, pp. 399–476, at 462–72.

22 Handl, n. 14 above, pp. 648–50.

23 A. Gualtieri, ‘The Environmental Accountability of the World Bank to Non-State Actors: Insights from the Inspection Panel’ (2001) 72(1) British Yearbook of International Law, pp. 213–53, at 216–8.

24 See African Development Bank et al., ‘Financing the Sustainable Development Goals: The Contributions of the Multilateral Development Banks’, 10 Dec. 2020, available at: https://www.afdb.org/en/documents/financing-sustainable-development-goals-contributions-multilateral-development-banks; S. Nanwani, ‘SDGs and the Role of International Financial Institutions’, in J. Walker, A. Pekmezovic & G. Walker (eds), Sustainable Development Goals: Harnessing Business to Achieve the SDGs through Finance, Technology, and Law Reform (Wiley, 2019), pp. 37–52.

25 On safeguard policies, see generally O. McIntyre, ‘Development Banking ESG Policies and the Normativisation of Good Governance Standards: Development Banks as Agents of Global Administrative Law’, in K. Wendt (ed.), Responsible Investment Banking: Risk Management Frameworks, Sustainable Financial Innovation and Softlaw Standards (Springer, 2015), pp. 143–55, at 143–8.

26 I. Shihata, The World Bank Inspection Panel: In Practice, 2nd edn (Oxford University Press, 2000), pp. 41–6.

27 World Bank, A Guide to the World Bank, 3rd edn (World Bank, 2011), p. 61.

28 World Bank, Environmental and Social Policies, available at: https://www.worldbank.org/en/projects-operations/environmental-and-social-policies.

29 OP 4.00, revised Apr. 2013, available at: https://ppfdocuments.azureedge.net/1564.pdf; BP 4.00, revised Apr. 2013, available at: https://ppfdocuments.azureedge.net/1610.pdf.

30 OP 4.01, revised Apr. 2013, available at: https://ppfdocuments.azureedge.net/1565.pdf; BP 4.01, revised Apr. 2013, available at: https://ppfdocuments.azureedge.net/1578.pdf.

31 OP 4.02, revised July 2015, available at: https://ppfdocuments.azureedge.net/3528.pdf; BP 4.02, revised July 2015, available at: https://ppfdocuments.azureedge.net/3529.pdf.

32 OP 4.03, May 2013, available at: https://ppfdocuments.azureedge.net/1566.pdf; BP 4.03, May 2013, available at: https://ppfdocuments.azureedge.net/1614.pdf.

33 OP 4.04, revised Apr. 2013, available at: https://ppfdocuments.azureedge.net/1567.pdf; BP 4.04, revised Apr. 2013, available at: https://ppfdocuments.azureedge.net/1581.pdf.

34 OP 4.09, Dec. 1998, available at: https://ppfdocuments.azureedge.net/1637.pdf.

35 OP 4.10, revised Apr. 2013, available at: https://ppfdocuments.azureedge.net/1570.pdf; BP 4.10, revised Apr. 2013, available at: https://ppfdocuments.azureedge.net/1582.pdf.

36 OP 4.11, revised Apr. 2013, available at: https://ppfdocuments.azureedge.net/1571.pdf; BP 4.11, revised Apr. 2013, available at: https://ppfdocuments.azureedge.net/1583.pdf.

37 OP 4.12, revised Apr. 2013, available at: https://ppfdocuments.azureedge.net/1572.pdf; BP 4.12, revised Apr. 2013, available at: https://ppfdocuments.azureedge.net/1584.pdf.

38 OP 4.36, revised Apr. 2013, available at: https://ppfdocuments.azureedge.net/1574.pdf; BP 4.36, revised Apr. 2013, available at: https://ppfdocuments.azureedge.net/1585.pdf.

39 OP 4.37, revised Apr. 2013, available at: https://ppfdocuments.azureedge.net/1576.pdf; BP 4.37, revised Apr. 2013, available at: https://ppfdocuments.azureedge.net/1586.pdf.

40 OP 7.60, revised Mar. 2012, available at: https://ppfdocuments.azureedge.net/1841.pdf; BP 7.60, revised Mar. 2012, available at: https://ppfdocuments.azureedge.net/1844.pdf.

41 OP 7.50, revised Mar. 2012, available at: https://ppfdocuments.azureedge.net/2660.pdf; BP 7.50, revised Mar. 2012, available at: https://ppfdocuments.azureedge.net/1843.pdf.

42 See World Bank, ‘World Bank Environmental and Social Framework, 4th August 2016’, Oxford Public International Law, updated 21 Mar. 2017, available at: https://opil.ouplaw.com/view/10.1093/law-oxio/e167.013.1/law-oxio-e167?rskey=dGxqZJ&result=27&prd=OPIL. For more detailed discussion see G. Jokubauskaite et al., ‘International Law and Practice: Symposium on the World Bank Environmental and Social Framework’ (2019) 32(3) Leiden Journal of International Law, pp. 457–559.

43 World Bank, The World Bank Environmental and Social Framework (IBRD/The World Bank, 2017), available at: https://thedocs.worldbank.org/en/doc/837721522762050108-0290022018/original/ESFFramework.pdf (World Bank ESF).

44 World Bank, ‘What We Do / Projects and Operations: Environmental and Social Framework’, available at: https://www.worldbank.org/en/projects-operations/environmental-and-social-framework.

45 IFC, ‘IFC Sustainability Framework’, available at: https://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/sustainability-at-ifc/policies-standards/sustainability+framework.

46 IFC, ‘Policy on Environmental and Social Sustainability’, 1 Jan. 2012, available at: https://www.ifc.org/wps/wcm/connect/7141585d-c6fa-490b-a812-2ba87245115b/SP_English_2012.pdf?MOD=AJPERES&CVID=kiIrw0g.

47 IFC, ‘Performance Standards on Environmental and Social Sustainability’, 1 Jan. 2012), available at: https://www.ifc.org/wps/wcm/connect/24e6bfc3-5de3-444d-be9b-226188c95454/PS_English_2012_Full-Document.pdf?MOD=AJPERES&CVID=jkV-X6h.

48 IFC, ‘Access to Information Policy’, amended 25 Nov. 2013, available at: https://www.ifc.org/wps/wcm/connect/c8a61c48-32c2-49b2-8e46-2ade87f774e0/IFCPolicyDisclosureInformation.pdf?MOD=AJPERES.

49 See McIntyre, n. 25 above, pp.148–9.

50 See generally, D. Clark, J. Fox & K. Treakle (eds), Demanding Accountability: Civil-Society Claims and the World Bank Inspection Panel (Rowman & Littlefield, 2003); G. Alfredsson & R. Ring (eds), The Inspection Panel of the World Bank: A Different Complaints Procedure (Martinus Nijhoff, 2001); Shihata, n. 26 above.

51 See generally R. Altholz & C. Sullivan, ‘Accountability & International Financial Institutions: Community Perspectives on the World Bank's Office of the Compliance Advisor Ombudsman’, International Human Rights Law Clinic, University of California – Berkeley, Mar. 2017, pp. 1–83, available at: http://bibliotheque.pssfp.net/livres/ACCOUNTABILITY_AND_INTERNATIONAL_FINANCIAL_INSTITUTIONS.pdf; B. Saper, ‘The International Finance Corporation's Compliance Advisor/Ombudsman (CAO): An Examination of Accountability and Effectiveness from a Global Administrative Law Perspective’ (2012) 44(4) New York University Journal of International Law & Politics, pp. 1279–329.

52 See, e.g., the Independent Consultation and Investigation Mechanism in the IDB, the Independent Review Mechanism in the AfDB, the Accountability Mechanism in the ADB, and the Project Complaint Mechanism in the EBRD.

53 D. Bradlow & A. Fourie, ‘The Operational Policies of the World Bank and the International Finance Corporation: Creating Law-Making and Law-Governed Institutions?’ (2003) 10(1) International Organizations Law Review, pp. 3–80, at 41–5.

54 AIIB AoA, n. 4 above, Art. 13(4).

55 Ibid., Art. 31(2).

56 See generally C. Radavoi & Y. Bian, ‘The Asian Infrastructure Investment Bank's Environmental and Social Policies: A Critical Discourse Analysis’ (2018) 34(1) Journal of International and Comparative Social Policy, pp. 1–18; D. Brombal, ‘Planning for a Sustainable Belt and Road Initiative (BRI): An Appraisal of the Asian Infrastructure Investment Bank (AIIB) Environmental and Social Safeguards’, in W. Shan, K. Nuotio & K. Zhang (eds), Normative Readings of the Belt and Road Initiative: Road to New Paradigms (Springer, 2018), pp. 129–42.

57 AIIB ESF, n. 5 above, Introduction, para. 8.2.

58 AIIB, ‘AIIB Strengthens Its Commitment to Environmental and Social Standards’, 21 May 2021, available at: https://www.aiib.org/en/news-events/news/2021/AIIB-Strengthens-Its-Commitment-to-Environmental-and-Social-Standards.html.

59 AIIB, ‘Environmental and Social Framework’, Feb. 2016, available at: https://www.aiib.org/en/policies-strategies/framework-agreements/environmental-social-framework.html.

60 AIIB ESF, n. 5 above, Introduction, para. 3.

61 Ibid., Introduction, para. 3.1.

62 Ibid., Introduction, para. 3.2.

63 Ibid., Introduction, para. 1.

64 Ibid., Introduction, para. 8.11. The term ‘client’ refers to ‘the recipient, guarantor, beneficiary and/or sponsor of the Bank's financing for a Project, that is/are responsible for the environmental and/or social aspects of the Project’: ibid., ESP, para. 5.1.

65 Ibid., ESP, para. 2.1.

66 Ibid., ESP, para. 4.

67 Ibid., Introduction, para. 8.11.

68 Ibid., ESP, para. 54.

69 Ibid., ESP, para. 58.1.

70 Ibid.

71 Ibid., ESP, para. 2.2.

72 Ibid., ESS 1, para. 1.

73 Ibid., ESS 1, Section B, paras 8–27.

74 Ibid., ESS 1, Section B, para. 8.6.

75 Ibid., ESP, para. 85. ESEL also applies when the client is allowed to use its existing (country or corporate) system as an alternative to the AIIB ESF for the project: ibid., ESP, para. 57.

76 Ibid., ESEL, paras 2.2 and 2.3.

77 Rotterdam (The Netherlands), 10 Sept. 1998, in force 24 Feb. 2004, Art. 1, available at: http://www.pic.int/TheConvention/Overview/TextoftheConvention/tabid/1048.

78 Ibid., Arts 10 and 11.

79 Rotterdam Convention, ‘Status of Ratifications’, available at: http://www.pic.int/Countries/Statusofratifications/tabid/1072/language/en-US/Default.aspx.

80 Stockholm (Sweden), 22 May 2001, in force 17 May 2004, Art. 1, available at: http://www.pops.int/Portals/0/download.aspx?d=UNEP-POPS-COP-CONVTEXT-2021.English.pdf.

81 Ibid., Art. 3.

82 Ibid., Art. 5.

83 Stockholm Convention, ‘Status of Ratifications’, available at: http://chm.pops.int/Countries/StatusofRatifications/PartiesandSignatoires/tabid/4500/Default.aspx.

84 Montreal (Canada), 16 Sept. 1987, in force 1 Jan. 1989, available at: https://ozone.unep.org/treaties/montreal-protocol/montreal-protocol-substances-deplete-ozone-layer.

85 Ibid., Art. 5(1).

86 UN Environment Programme (UNEP), Ozone Secretariat, ‘Country Data’, available at: https://ozone.unep.org/all-ratifications.

87 AIIB ESF, n. 5 above, ESEL, para. 3.

88 Washington, DC (US), 3 Mar. 1973, in force 1 July 1975, Preamble, available at: https://cites.org/sites/default/files/eng/disc/CITES-Convention-EN.pdf.

89 Ibid., Art. II(1).

90 Ibid., Art. II(2).

91 Ibid., Art. II(3).

92 Ibid., Arts III, IV and V.

93 CITES, ‘List of Parties to the Convention’, available at: https://cites.org/eng/disc/parties/index.php.

94 AIIB ESF, n. 5 above, ESEL, para. 4.

95 Basel (Switzerland), 22 Mar. 1989, in force 5 May 1992, Arts 1, 3 and 4, available at: https://www.basel.int/Portals/4/Basel%20Convention/docs/text/BaselConventionText-e.pdf.

96 Basel Convention, ‘Parties to the Convention’, available at: http://www.basel.int/Countries/StatusofRatifications/PartiesSignatories/tabid/4499/Default.aspx.

97 AIIB ESF, n. 5 above, ESEL, para. 10.

98 Bonn (West Germany), 23 June 1979, in force 1 Nov. 1983, Art. III(5), available at: https://www.cms.int/sites/default/files/instrument/CMS-text.en_.PDF.

99 Ibid., Art. IV(3).

100 CMS, ‘Parties and Range States’, available at: http://www.cms.int/en/parties-range-states.

101 Ramsar (Iran), 2 Feb. 1971, in force 21 Dec. 1975, Art. 2(2), available at: https://www.ramsar.org/sites/default/files/documents/library/scan_certified_e.pdf.

102 Ibid., Art. 3(1).

103 ‘Contracting Parties to the Ramsar Convention’, available at: http://www.ramsar.org/sites/default/files/documents/library/annotated_contracting_parties_list_e.pdf.

104 Paris (France), 16 Nov. 1972, in force 17 Dec. 1975, Arts 1 and 2, available at: https://whc.unesco.org/en/conventiontext.

105 Ibid., Art. 5.

106 Ibid., Arts 11(1) and 11(2).

107 World Heritage Convention, ‘States Parties’, available at: http://whc.unesco.org/en/statesparties.

108 Rio de Janeiro (Brazil), 5 June 1992, in force 29 Dec. 1993, Art. 6, available at: https://www.cbd.int/doc/legal/cbd-en.pdf.

109 Ibid., Arts 10(1)(a) and 10(1)(b).

110 Ibid., Art. 14(1).

111 CBD, ‘List of Parties’, available at: https://www.cbd.int/information/parties.shtml.

112 E.g., China is not a party to the Bonn Convention. However, this does not preclude the Chinese government or its private enterprises from complying with relevant obligations under the Convention when the project supported by the AIIB is located in its territory.

113 IBRD and IDA, World Bank Inspection Panel, Res. No. IBRD 93–10/IDA 93–6, 22 Sept. 1993, para. 12, available at: http://web.worldbank.org/archive/website01541/WEB/0__CO-91.HTM.

114 See Roessler, T., ‘The World Bank's Lending Policy and Environmental Standards’ (2000) 26(1) North Carolina Journal of International Law and Commercial Regulation, pp. 105–41Google Scholar, at 110–9.

115 OP 4.01, n. 30 above, para. 3 (emphasis added).

116 OP 4.36, n. 38 above, para. 6 (emphasis added).

117 World Bank ESF, n. 43 above, ESS1, para. 26.

118 Ibid., ESS3, para. 18.

119 Ibid., ESS3, para. 19 (emphasis added).

120 Ibid., ESS6, para. 24(4) (emphasis added).

121 To initiate the investigation, the complainant has to meet the requirements set out in the Operating Procedures of the World Bank Inspection Panel (revised Apr. 2014), para. 25, available at: https://www.inspectionpanel.org/sites/ip-ms8.extcc.com/files/documents/2014%20Updated%20Operating%20Procedures.pdf.

122 Ibid., Annex 1, paras 2–3.

123 Ibid., Annex 1, para. 3.

124 Ibid., para. 43.

125 Ibid., paras 49–50.

126 Ibid., para. 68.

127 Ibid., para. 71.

128 Inspection Panel, Democratic Republic of Congo: Transitional Support for Economic Recovery Grant (TSERO) (IDA Grant No. H 1920–DRC) and Emergency Economic and Social Reunification Support Project (EESRSP) (Credit No. 3824–DRC and Grant No. H 064–DRC), Investigation Report No. 40746-ZR, 31 Aug. 2007, pp. 5–10.

129 Ibid., Request for Inspection, 30 Oct. 2005.

130 Ibid., Investigation Report, p. 93.

131 Ibid., pp. 93–4.

132 Ibid., pp. 94–5.

133 Ibid., p. 95.

134 Inspection Panel, Albania: Power Sector Generation and Restructuring Project (IDA Credit No. 3872–ALB), Investigation Report No. 49504-AL, 7 Aug. 2009, p. 71.

135 Aarhus (Denmark), 25 June 1998, in force 30 Oct. 2001, available at: http://www.unece.org/env/pp/treatytext.html.

136 Inspection Panel (Albania), n. 134 above, p. 72.

137 Ibid., pp. 76–7.

138 Ibid., pp. 78–9.

139 Ibid., p. 79.

140 Inspection Panel, Pakistan: National Drainage Program Project (Credit No. 2999–PAK), Investigation Report No. 36382-PK, 6 July 2006, Ch. 2.

141 Ibid., Request for Inspection, 9 Sept. 2004, pp. 16–7.

142 Ibid., Investigation Report, p. 82.

143 Ibid., pp. 82–6.

144 Ibid., p. 86.

145 Inspection Panel, Cambodia: Forest Concession Management and Control Pilot Project, Investigation Report No. 35556, 30 Mar. 2006, pp. ix–xii.

146 Ibid., pp. 44–5.

147 Ibid., p. 48.

148 Ibid., pp. 48–9.

149 Ibid., p. 49.

150 Ibid., p. 50. According to OP 4.36 issued in 1993, which was applicable to the project, ‘[i]n forest areas of high ecological value, the Bank finances only preservation and light, non-extractive use of forest resources’; see Shihata, n. 26 above, p. 392.

151 Inspection Panel (Cambodia), n. 145 above, p. 51.

152 IFC, n. 47 above, Overview of the Performance Standards, para. 5.

153 Ibid., Performance Standard 3, para. 10.

154 Ibid; CLRTAP, Geneva (Switzerland), 13 Nov. 1979, in force 16 Mar. 1983, available at: https://unece.org/sites/default/files/2021-05/1979%20CLRTAP.e.pdf.

155 London (United Kingdom), 13 Nov. 1972, in force 30 Aug. 1975, available at: https://wwwcdn.imo.org/localresources/en/OurWork/Environment/Documents/LC1972.pdf. See IFC, n. 47 above, Performance Standard 3, para. 12 and its accompanying footnote.

156 Ibid., para 13.

157 Ibid., Performance Standard 6, para. 1.

158 Ibid., para. 6.

159 Ibid., para. 7.

160 Ibid., paras 11–2.

161 Ibid., paras 13–5.

162 Ibid., paras 16–9.

163 Ibid., para. 20.

164 Ibid., para. 20 and its accompanying footnote.

165 CAO, Operational Guidelines, Mar. 2013, para. 1.2, available at: https://www.cao-ombudsman.org/sites/default/files/downloads/CAOOperationalGuidelines2013_ENGLISH_0.pdf.

166 Ibid., para. 2.2.1.

167 Ibid., para. 2.3.

168 Ibid., paras 3.1 and 3.2.1.

169 Ibid., paras 2.3 and 2.4.

170 Ibid.

171 Ibid.

172 Ibid., para. 4.2.1.

173 Ibid., para. 4.4.2.

174 Ibid., para. 4.4.6.

175 Ibid., para. 4.3 (emphasis added).

176 CAO, Uruguay: Celulosas de M'Bopicua (CMB) & Orion-01/Argentina & Uruguay, Complaint, 1 Sept. 2005, p. 10.

177 The applicable rules in this case are the IFC Procedure for Environmental and Social Review of Projects of 1998, OP 4.01 Policy on Environmental Assessment (EA) of 1998, and the Policy on Disclosure of Information. In addition to OP 4.01, which states that an EA should take into account ‘obligations of the country, pertaining to project activities, under relevant international environmental treaties and agreements’, the IFC 1998 Procedure for Environmental and Social Review of Projects also provides in the relevant part that the ‘IFC does not finance project activities that would contravene country obligations under relevant international environmental treaties and agreements as identified during the EA’.

178 CAO, Colombia: Eco Oro-01/Bucaramanga, Complaint to the CAO, 13 June 2012, pp. 24–5.

179 New York, NY (US), 9 May 1992, in force 21 Mar. 1994, available at: https://unfccc.int/resource/docs/convkp/conveng.pdf.

180 CAO (Colombia), n. 178 above, pp. 25–6.

181 The IFC Sustainability Framework of 2006 was applied in this case. The MEAs referred to in the IFC Performance Standards of 2012 were all invoked in the IFC 2006 Sustainability Framework (i.e., Performance Standards 3 and 6) except the London Convention, the WHC, and the Ramsar Convention. The Performance Standards also provide in their overview that ‘[i]n addition to meeting the requirements under the Performance Standards, clients must comply with applicable laws, including those laws implementing host country obligations under international law’.

182 CAO, Mozambique: Mozal-01/Matola and Maputo, Complaint, 1 Oct. 2010, pp. 4–5.

183 Paris (France), 10 Dec. 1948, UNGA Res. 217A (III), UN Doc. A/810, available at: https://www.un.org/en/about-us/universal-declaration-of-human-rights.

184 Nairobi (Kenya), 27 June 1981, in force 21 Oct. 1986, available at: https://www.achpr.org/legalinstruments/detail?id=49. See CAO (Mozambique), n. 182 above, p. 4.

185 The IFC Sustainability Framework of 2006 was applied in this case.

186 AIIB AoA, n. 4 above, Art. 26(iv).

187 AIIB ESF, n. 5 above, ESP, para. 72.

188 AIIB, ‘Policy on the Project-affected People's Mechanism’, 7 Dec. 2018, available at: https://www.aiib.org/en/policies-strategies/_download/project-affected/PPM-policy.pdf.

189 AIIB, ‘How We Assist You’, available at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html.

190 Vienna Convention on the Law of Treaties between States and International Organizations or between International Organizations, 21 Mar. 1986, available at: https://legal.un.org/ilc/texts/instruments/english/conventions/1_2_1986.pdf, Art. 34 of which provides that ‘[a] treaty does not create either obligations or rights for a third State or a third organization without the consent of that State or that organization’.

191 Handl, n. 14 above, pp. 658–62.

192 Draft Global Pact for the Environment, available at: https://globalpactenvironment.org/uploads/EN.pdf.

193 UNGA Res. A/73/419, ‘Report of the Secretary-General – Gaps in International Environmental Law and Environment-related Instruments: Towards a Global Pact for the Environment’, 30 Nov. 2018, UN Doc. A/73/419, p. 36, available at: https://undocs.org/en/A/73/419.

194 Ibid., p. 45.

195 UNGA Res. A/RES/75/280, ‘International Meeting entitled “Stockholm+50: A Healthy Planet for the Prosperity of All – Our Responsibility, Our Prosperity”’, 24 May 2021, UN Doc. A/RES/75/280, available at: https://undocs.org/en/A/RES/75/280.

196 UNEP, ‘Stockholm+50: A Healthy Planet for the Prosperity of All – Our Responsibility, Our Opportunity’, Thought Piece towards a Concept Note for the International Meeting, 2–3 June 2022, available at: https://wedocs.unep.org/bitstream/handle/20.500.11822/36939/STKLM50_HP.pdf?sequence=1&isAllowed=y.