Workshop on Environmental and Social Risks in Project Financing, Mumbai

Kadambari Anantram and Sabnam Gafoor from the ENCC team at IFMR LEAD presented the key findings from two case studies that are being documented to highlight the need for integrating Environmental and Social Risks Assessments (ESRA) with project financing activities. This was part of the “Workshop on Environmental and Social Risks in Project Financing” hosted by the Centre for Science and Environment (CSE) in Mumbai to collect feedback from relevant stakeholders from the financial sector and civil society.

The team presented information on development projects in India wherein 1) ESRA as part of the project’s proposal and its implementation has been neglected and therefore the project developer has faced severe controversies and financial losses and 2) adequate emphasis has been given to ESRA incorporation by both the financing institution and project developer and hence they have successfully commissioned project operations and reaped environmental, social and financial benefits. The scope for furthering the dialogue with the government on providing a legal framework to enforce and regulate ESRA in Indian FIs and development projects was deliberated in this session.