2023 Round Up

The five most popular Console Newsletter articles of 2023 explore questions of meaningful remedy in international finance, the ways in which accountability is circumvented by the use of financial intermediaries and the financing of repeat offenders.

Are Complaints Delivering Remedy?

Our research team has been working to determine the types of outcomes and remedies that result from IAM complaint processes and their relative prevalence. This information is the first comprehensive look at the outcomes of complaints to international financial institutions, and the changes and improvements necessary to fulfill the Right to Remedy.

“Water is Our Gold”: Lessons from a Community Struggle in Armenia

As the EBRD reviews its Environmental and Social Policy, the case of a gold mine project in Armenia presents valuable lessons that can shape future policies, including on remedy and responsible exit.

Data Doesn’t Support IFC/MIGA’s Remedy Proposal

The IFC/MIGA’s 'new' remedy proposal in fact mostly summarizes policies that are already in place. But data on complaint outcomes from the IFC/MIGA’s accountability mechanism, the CAO, indicates that current practices are failing to adequately deliver remedy to project-affected communities.

Why do Multilateral Development Banks finance repeat offenders?

When faced with clients who have repeatedly failed to uphold threshold social and environmental policies, MDBs must make clear that any new funding is contingent on actively protecting communities from facing the risk of repeating past harms.

Out of sight, out of mind: How financial intermediaries obscure accountability for community harm

Various transparency and accountability challenges arise when development finance institutions use financial intermediaries, such as national and regional banks, without proper safeguards.