The Centre for Financial Accountability held a consultative discussion on Environmental and Social Safeguards Policy for Indian financial institutions at the National Consultation on Safeguards in Delhi on December 1, 2023.
The National Consultation on Safeguards, sought to enable a collective direction to the push for environmental and social accountability mechanisms for Indian financial institutions such as banks, non-banking finance corporations, and development finance institutions. A set of participants from movements in the context of development projects, representatives of civil society organisations, and researchers from relevant fields were invited for their guidance and participation. Their experience on issues pertaining to sustainable financing, climate and impacts on grassroots communities greatly contributed to this consultation.
Environmental and Social safeguard mechanisms play a crucial role in holding banks and financial institutions accountable for the social and environmental consequences of the projects they give loans to. Such mechanisms can be an additional tool in the hands of communities reeling under the effects of big projects and built infrastructures, to hold the financiers accountable and demand remedies. These safeguards encompass criteria for assessing impacts, disclosure standards, and grievance resolution mechanisms.
Read and download the report here: National Consultation on Environmental and Social Safeguards for Financial Institutions | Report