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    world bank

    The International Finance Corporation's Remedial Action Framework.

    Finally, a Development Financial Institution Has a Policy for Remedying Harm

    This milestone is not only a leap forward for International Finance Corporation but also a hopeful sign for communities harmed by development projects around the world.

    Carla García Zendejas
    May 31, 2025

    In a historic moment, the International Finance Corporation became the first development finance institution, or DFI, to adopt an explicit policy on remedy. On April 15, IFC published its Remedial Action Framework, formalizing a commitment to address environmental and social harms caused by IFC-supported investment projects.

    This milestone is not only a leap forward for IFC but also a hopeful sign for communities harmed by development projects around the world. The Remedial Action Framework (RAF) is a cornerstone in a broader shift at a moment when the World Bank Group is planning to undertake a major overhaul of the environmental and social accountability systems on the public and private sides of the institution. The RAF sets the stage for a profound institution-wide commitment to avoid and remedy harm at the entire World Bank. Whether the grievance mechanisms and accountability systems of the institution change, or amendments to the environmental and social policies occur as part of this overhaul, the principles and drive for this cultural shift at the institution must now be rooted in the notion that remedy is possible at the World Bank.

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    Opinion
    environmental justice
    Climate protest outside World Bank.

    The World Bank’s Private Sector Cult Endangers the Planet

    The nearly $4.7 billion in International Finance Corporation trade finance commitments that may have supported fossil fuel-related projects in 2023 is a telltale example.

    Jannis Perzlmeier
    Feb 27, 2025

    Since assuming office, World Bank President Ajay Banga has pursued a clear agenda: mobilize vast amounts of private capital in service of the bank’s goal to end poverty on a livable planet. There are many valid criticisms of this approach, but none speaks louder than a deeper look into the World Bank’s own private sector arm, the International Finance Corporation, or IFC, and its dealings.

    Urgewald’s research on IFC trade finance in Financial Year (FY) 2022 and FY2023 shows just how slippery the private sector slope can be. Indeed, the IFC trade finance program’s alarming developments exemplify the World Bank’s overall trajectory: throwing good money after bad, neglecting environmental and social standards, and prioritizing private profit over public well-being.

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    Opinion
    world bank
    World Bank protesters.

    If DOGE Wants a Worthy Target, It Should Look at the World Bank and IMF

    These are two of the most questionable and controversial institutions directly or indirectly funded with U.S. taxpayers’ money.

    Walden Bello
    Feb 25, 2025

    I think that Elon Musk and his Department of Government Efficiency, or DOGE, have been misinformed. I don’t disagree with their shutting down USAID, but I think it’s rather small fry. There are much, much bigger fish to fry if you want to really save U.S. government money that is being wasted in programs that are mischievously justified as aid to the poor people of the world.

    Elon, hear me out: if you walk northwest from your headquarters at the Eisenhower Executive Building along Pennsylvania Avenue, you’ll come after one long block upon two ugly buildings squatting beside each other. One is the World Bank. The other is the International Monetary Fund (IMF). You can actually just walk in and demand to look at their books since they are extensions of the U.S. government. And you would have a very good reason to do so, since these are two of the most questionable and controversial institutions directly or indirectly funded with U.S. taxpayers’ money.

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    Opinion
    elon musk

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