FFC Urges World Bank To Strengthen Protections For Indigenous Peoples’ Rights

Friends Fiduciary has joined a global investor coalition representing US$125 billion in assets, responding to the World Bank’s request for comments on proposed amendments to their Environmental and Social Safeguards Framework. The coalition would like to see that framework conform to existing international human rights agreements, namely the UN Declaration on the Rights of Indigenous Peoples and the Guiding Principles on Business and Human Rights. Friends Fiduciary and others in the coalition believe that the World Bank should be strengthening the requirements that Indigenous communities support new projects on or near their territories rather than weakening those requirements, which is what the current draft framework appears to do.  Further, the new standard should not allow countries to “opt out” of the Indigenous Peoples policy requirements. If the World Bank offers countries that violate the UN Declaration on the Rights of Indigenous Peoples weaker lending criteria, it could effectively subsidize greater instability in the business environments within these countries and therefore the viability of its investments. The Indigenous Rights Risk Report by the First Peoples Worldwide identified a correlation between investment risk and the strength of a country’s legal protections for Indigenous Peoples. At Friends Fiduciary, we believe that companies that respect the rights of, and work to build good relations with, Indigenous Peoples will prosper over time. The World Bank should be encouraging these business practices rather than undermining them with a weaker Environmental and Social Safeguards Framework for its lending programs. Click Here for Letter