Washington, D.C., May 14, 2004—
The International Finance Corporation, the private sector arm of the World Bank, has prepared measures to support the entry into force of the Stockholm Convention on Persistent Organic Pollutants (POPs) on May 17, 2004.
The Stockholm Convention was drafted with the objective to protect human health and the environment and has been signed by over 150 countries. It commits governments to reduce or eliminate production and environmental releases of 12 of the most dangerous environmental pollutants. POPs are toxic, long-lived, mobile, and magnify as they travel through the food chain, becoming absorbed in the greatest concentrations in fish, predatory birds, and mammals, including humans.
While the convention’s parties are national governments, IFC recognizes that the private sector is critical to its implementation. Accordingly, IFC has published a
Position Paper on POPs
and is working with sponsors of the projects in which it invests to ensure that the projects meet the requirements of the convention.
IFC is also taking measures to ensure that its investments meet the requirements of the convention. For example, IFC is tracking and applying Best Environmental Practices and Best Available Techniques to minimize any unintentional releases of POPs to the environment from its projects.
Guidance on these practices and techniques is being drafted by an expert group that has been appointed by the International Negotiating Committee for the Stockholm Convention. The expert group’s final draft guidance is expected to be considered for approval by May 2005.
The mission of IFC (
www.ifc.org
) is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through 2003, IFC has committed more than $37 billion of its own funds and arranged $22 billion in syndications for 2,990 companies in 140 developing countries. IFC’s worldwide committed portfolio as of 2003 was $16.8 billion for its own account and $6.6 billion held for participants in loan syndications.
