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The World Bank Group has acknowledged Fauna & Flora International’s (FFI) leadership role in extractive sector environmental management, biodiversity risk assessment and biodiversity offset design, management and implementation.
The World Bank Group is made up of five institutions that work together to reduce poverty around the world. These include the International Finance Corporation (IFC), the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).
Together the IBRD and IDA form the World Bank, a partnership that supports development and poverty reduction by providing financial and technical assistance to developing countries worldwide.
Our engagement with the World Bank and IFC, through a series of discussions, presentations and event participation, has helped to advance thinking about how the application of the mitigation hierarchy (to avoid, reduce, restore and – if necessary – offset negative impacts) and the use of biodiversity offsets to mitigate residual project-related impacts can help achieve conservation outcomes across landscapes that fit with national conservation priorities.
In Columbia the Ministry of the Environment has mandated their proposal for compensation for loss of biodiversity. The protocol will ensure that delicate ecosystems and environmental areas are either left untouched by developers, or are properly replaced and compensated for.
FFI is working closely with the World Bank to assist the ministry with developing their policies and practices on biodiversity offsets and to implement this proposal.