The report, Beyond the Promises: A Decade of Environmental and Social Commitments at the New Development Bank, examines the gap between the NDB’s stated commitments to sustainable development and the safeguards, transparency and accountability mechanisms available in practice. A central concern is the Bank’s reliance on borrower countries’ environmental, social and procurement systems without clearly defined minimum standards, alongside an Information Disclosure Policy that has remained “interim” since 2016. Most significantly, affected communities still lack an independent accountability mechanism through which they can directly raise concerns and seek redress.
The report also looks at how these institutional gaps play out on the ground through projects financed by the NDB. Case studies from India, including the Indira Gandhi Canal rehabilitation project in Rajasthan and the Lamphelpat Waterbody Rejuvenation Project in Manipur, highlight concerns around transparency, community participation, environmental impacts, water access and livelihood disruption. The report also examines experiences from Brazil and South Africa, showing how concerns over safeguards and accountability extend across different sectors and BRICS countries.
The report further examines the NDB’s evolving investment portfolio and its environmental and climate commitments. While the Bank’s early portfolio placed considerable emphasis on renewable energy, transportation has since emerged as its dominant sector by financing volume. This shift, alongside concerns around carbon-intensive investments and the broad interpretation of “sustainable infrastructure”, raises questions about how the NDB defines and implements its development mandate.
As the NDB looks towards its next decade, the report argues that growth in scale must be accompanied by stronger public accountability. It proposes an independent accountability mechanism, a permanent and comprehensive disclosure policy, clearer and binding standards for reliance on country systems, limits on non-disclosure agreements, stronger environmental and social safeguards, clearer sustainability criteria and firm commitments on fossil-fuel financing. The report asks a fundamental question for a development bank established in the name of a more equitable global financial order: can development truly be sustainable and people-centred without transparency, participation and meaningful avenues for redress?
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