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Striking a better balance : the World Bank Group and extractive industries - the final report of the extractive industries review (English)

The World Bank Group announced in 2000 that it will conduct a comprehensive assessment of its activities in the extractive industries (EI) sector (oil, gas, and mining production). This report comprises the Bank Group's management's response. The Bank Group agrees with the majority of the report recommendations and endorses its two fundamental messages: 1) extractive industries can contribute to sustainable development, when projects are implemented well and preserve the rights of affected people, and if the benefits they generate are well-used; and 2) there is a continuing role for the Bank Group in supporting EI provided its involvement supports poverty reduction and sustainable development. The Bank notes that it is already in the process of implementing many of its recommendations, including initiatives on gas-flaring reduction, carbon-emissions trading, revenue transparency, help for small-scale mining operations, and increased support for biodiversity. In addition, the Bank Group continues to be a leading provider of resources to developing countries for environmental protection, education, health, and other sectors that have linkages with the EI - the Bank Group already has leveraged about $10 billion for renewable energy and energy efficiency in developing countries through its investments and technical support. Fully consistent with the report's recommendations for an even stronger Bank Group role, the Bank plans to redouble its efforts. However, it urges the entire international community to act, as renewable energy currently represents only 2 percent of the world's energy investments. In short, the EI review process and Dr. Salim's report has had a beneficial impact on the Bank Group's approach to the sector. Future investments in extractive industries will be selective, with greater focus on the needs of poor people, and a stronger emphasis on good governance and on promoting environmentally and socially sustainable development. It will also take major steps to increase its own support, as well as to encourage and advocate for more global support, for economically viable renewable energy and other clean fuels. In many areas the management response is a first step in addressing complex issues where there are strong opposing views. More detailed responses in some areas will be spelt out in other processes such as the revision of International Finance Corporation's (IFC's) safeguards. The Bank will continue to maintain a dialogue with stakeholders on the issues, to learn and to refine its approach in the light of experience and outcomes.

Details

  • Document Date

    2004/09/17

  • Document Type

    Board Report

  • Report Number

    30001

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    World,

  • Region

    The World Region,

  • Disclosure Date

    2010/07/01

  • Doc Name

    Striking a better balance : the World Bank Group and extractive industries - the final report of the extractive industries review

  • Keywords

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Citation

Striking a better balance : the World Bank Group and extractive industries - the final report of the extractive industries review (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/961241468781797388/Striking-a-better-balance-the-World-Bank-Group-and-extractive-industries-the-final-report-of-the-extractive-industries-review