EDC updates Environmental and Social Risk Management Policy

OTTAWA, Nov. 1 /CNW/ - Export Development Canada (EDC) today announced a revised environmental and social policy framework, including amendments to its Environmental and Social Risk Management Policy and its Environmental and Social Review Directive (ERD) and Disclosure Policy.

"The revised policies balance our customers' request for clarity and our stakeholders' desire for transparency with EDC's commitment to ensure the projects we support are managed in an environmentally and socially responsible way," said Jim McArdle, EDC's Senior Vice-president, Legal Services.

"Canadian companies have established a reputation for conducting business in a fair, open and responsible manner. As a partner that facilitates their international business, EDC shares responsibility for that reputation and this revised framework reflects that."

The revisions were made following a public comment period, which included consultations with EDC's clients and civil society.

The revised policies reflect many of the changes that were recommended throughout the 112-day public comment period in 2009.  These include:

• Revisions to Policy and ERD titles and content to reflect EDC's continuing commitment to encompassing social issues in its environmental reviews of projects;
• Clarification of EDC's criteria for selection of international benchmark standards for projects, including broader adoption of the International Finance Corporation (IFC) Performance Standards;
• Integration of climate change into the policy with broad corporate commitments;
• Reorganization of the Policy document to clarify the spectrum of environmental review processes for different types of transactions; and
• Increased disclosure of Category A projects through Project Review Summaries that will outline key environmental and social issues reviewed.

"We are grateful to those who participated in our public comment period for their thoughtful submissions," said Mr. McArdle. "Their participation helps us continually evolve our policies and ensure we stay in line with international best practices."

The policy documents, as well as a report summarizing the public comments and EDC's response, are available on EDC's website: www.edc.ca

EDC's commitment to conducting reviews of its Environmental and Social Risk Management Policy a minimum of every three years is maintained in the revised policy.

EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 8,400 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, and a recognized leader in financial reporting and economic analysis and has been recognized as one of Canada's Top 100 Employers for nine consecutive years.

For further information:

Media contact:

Phil Taylor   
Export Development Canada
Tel: [phone]  
Blackberry: [email protected]