India’s No.1 Corporate Social Responsibility Magazine since 2013 | RNI No. DELENG/2013/49640



World Bank redefines CSR through sustainability & responsibility

The World Bank Group is committed to ending extreme poverty and sustainably boosting shared prosperity. The World Bank manages its internal business operations’ environmental, social, and economic impacts by striving for net positive impacts on the ecosystems, communities, and economies where we have offices. The World Bank’s annual Global Reporting Initiative (GRI) Index and biennial Sustainability Review present details on the sustainability considerations of our operations and corporate practices.

Sustainability Impacts 
The Corporate Responsibility Strategic Plan focuses on the World Bank’s efforts to review mandates and progress on Corporate Responsibility at the World Bank, evaluate the current Corporate Responsibility landscape and trends, engage stakeholders for input on Corporate Responsibility issues, identify implementation priorities; and establish a rolling three-year implementation plan for Corporate Responsibility.

The priority areas have been identified by surveying international financial institutions, non-governmental organizations, the private sector, and sustainability news outlets. Internal stakeholders across the institution confirmed the analysis and identified paths forward. The Managing Director & Chief Administrative Officer has approved an action plan to set long-term targets within these impact areas.

Corporate Sustainability Principles 
The 10 Sustainability Principles are the bedrock for embedding sustainability in the Bank’s decisions across its internal operations. Using these Principles systematically will positively impact how we operate our facilities worldwide and throughout our supply chain.

At present, the world over, there is an increasing awareness about Corporate Social Responsibility (CSR), Sustainable Development (SD) and Non-Financial Reporting (NFR). Consequently, there is a concerted effort among all types of organizations, to ensure that sustainable development is not lost sight of, in the pursuit of their respective goals – profit making, social service, philanthropy, etc.

CSR entails the integration of social and environmental concerns by companies in their business operations as also in interactions with their stakeholders. SD essentially refers to the process of maintenance of the quality of environmental and social systems in the pursuit of economic development.

NFR is basically a system of reporting by organizations on their activities in this context, especially as regards the triple bottom line, that is, the environmental, social and economic accounting. The contribution of financial institutions including banks to sustainable development is paramount, considering the crucial role they play in financing the economic and developmental activities of the world. In this context, the urgency for banks to act as responsible corporate citizens in the society, especially in a developing country like ours, need be hardly overemphasized. Their activities should reflect their concern for human rights and environment. In view of the gathering , worldwide momentum regarding sustainable development and the initiative being taken on various fronts by different organisations, including all major banks worldwide, it has become incumbent to highlight the developments that are taking place and raise the level of awareness and focus the attention of banks in India on this issue.

The enclosures introduce the concepts of CSR, SD and NFR, the felt need therefor, financial sector initiatives worldwide in the wake thereof and other related issues and underscore the importance of the issues involved and the global initiatives being taken in this regard. The principles of sustainable development are important in all industrial and commercial sectors, as all activities have the potential to influence social and environmental welfare quality. The financial sector is of particular importance, as this sector is able to affect many projects and the development trends that result from them.

There is much that the financial sector can do to assist efforts to achieve sustainability. Internal efforts to make day-to-day operations cleaner, more efficient, and supportive of social structures can help. Integrating E&S issues into strategic operations is also important. In this way, financial institutions ensure that internal activity is sustainable and can help financing itself become more sustainable.

Sustainable finance is financing that places importance on the environmental and social consequences of projects and financial products rather than just the economic impact. This can encompass incorporating E&S assessments into financial analysis or developing products with an explicit E&S focus, such as sustainable & responsible investment (SRI) funds.

SRI (sustainable and responsible investment/socially responsible investment) is an investment strategy that identifies targets with net E&S benefits or no net E&S detriment and provides financial growth. As greed, short-term business models, and inequalities in the global economy strain societies and the environment, businesses require a profound, urgent, and radical change in different dimensions and levels: priorities, ethics, strategies, values, and culture. Philanthropy and corporate social responsibility projects are important tools but not enough to make the decisive shift. Considerable evidence demonstrates that businesses can maintain or even enhance their commercial performance both while and by becoming more sustainable and responsible.


Disclaimer: The opinions expressed in this section and articles contributed are those of the respective authors, who have submitted it as their original work. They do not reflect the opinions or views of CSR Times, or its employees, management and group publications. The accuracy and reliability of information presented has not been verified by CSR Times. CSR Times will not be held responsible in any way for the content of this article.






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