EDB held the second meeting of the Sustainability Committee
The Eurasian Development Bank (EDB) Sustainability Committee (the Committee) met for the second time on 12 December 2023 to discuss the results of the implementation of sustainability initiatives, review new regulations in sustainability and set goals and objectives for the next year.
The Committee, which comprises Nikolay Podguzov, Chairman of the Bank, decision-makers at the Board level and heads of divisions, was briefed on the results of work on the Bank's cross-functional objectives, which are aimed at developing the Bank's agenda in sustainable development. Committee members were introduced to the results of the first sustainability materiality assessment, an exercise that identifies what the Bank's stakeholders consider important to them and what they believe the EDB can influence. The Bank's team has pre-selected 19 aspects in sustainability, among which the most important ones for stakeholders are responsible corporate behaviour, working conditions and commitment to global best practices in sustainability. The Bank will take into account respondents' feedback when planning its activities, and plans to conduct such surveys annually thereafter.
The key output of the Committee meeting was a recommendation to the Bank's Management Board to adopt two key internal documents in sustainable development.
- The Sustainability Principles (hereinafter - the Principles) is a top-level document that reflects the Bank's approach and aspirations for sustainable development in line with its mandate and interests of sustainable development in the Eurasian region. The six Principles summarise in a nutshell how the Bank sees itself as part of the sustainable development agenda in the region.
- The Regulations on Environmental and Social Framework (hereinafter the Framework) is an update of the EDB's Environmental and Social Responsibility Policy, which addresses best practices in environmental and social effects analysis and assessment of financed projects. The Policy strengthens the Bank's approach to project appraisal by developing tools to collect data on the positive and negative effects of projects and to assess risks. Within the Policy the Exclusion Lis was revised. The Exclusion List is a list of activities that the Bank will not finance, as they are classified as contrary to the law and considered by the EDB to be inconsistent with its mandate and sustainability principles. The Principles and the Framework will come into force after approval by the Bank's Board.
At the Committee meeting, Nikolay Podguzov emphasized the importance of joint work of all the Bank's divisions for data collection and preparation of future extra-financial reporting, including its GHG footprint.. ESG data collection and analysis system will not only increase transparency and accessibility of non-financial reporting, but also better manage environmental, social, climate and other impacts internally and externally.
Additional Information:
The high-level Sustainability Committee has been established in July 2023, a significant milestone representing the institution’s overarching commitment to sustainable development and financing in Eurasia and with its member states. The Committee constitutes the main executive leadership forum dedicated to the advancement of the Bank’s Sustainability Strategy, exercising an effective stewardship and oversight at the highest governance level. The Committee enables faster decision-making and resolution of material issues intrinsically liked to the realm of responsible development, and with the coordination of collaborative work and collegial discussion of key areas of the Bank.
The Eurasian Development Bank is an international financial institution promoting integration and development in its member countries. For more than 17 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank’s operations are guided by the UN Sustainable Development Goals and ESG principles.
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