Environmental And Social Policy Of Multilateral Development Bank

The Asian Infrastructure Investment Bank(AIIB)is a multilateral financial institution developed by China for the first time.It is an important measure for China to actively participate in global financial governance and to promote the development of international financial rules.AIIB issued the "Environmental and Social Framework" in 2016,making financial institutions such as multilateral development banks pay attention to the protection of the environment and human rights in carrying out financial business.The World Bank is similar with AIIB in terms of environmental and social policy.The World Bank has developed a relatively mature governance system after years of practice and development and has accumulated rich experience.AIIB can learn a lot from the.World Bank.Therefore,researching the environmental and social policies from the perspective of international law will play an important role in improving the governance structure of AIIB.This article is composed of five parts:The first part is an overview of environmental and social security policies.The concept of environmental and social security policies and it' s goal will be introduced in detail.Then the environmental and social security policies will be introduced from the theoretical perspective,focusing on the theory of sustainable development,environmental finance theory and corporate social responsibility theory.The theory of equator and corporate social responsibility theory are different but consistent in nature and the two theories can be combined together.In the last,the World Bank's meaning and value of the policy will be analyzed and that is to explain the necessity of demonstrating this policy.The second part describes the basis of international law of the environmental and social policy from legal view.First of all,international qualifications of the World Bank and the AIIB in project investment and financing will be described.Second,binding effect of international treaties and conventions on the World Bank and the AIIB will be introduced so as to solve the problem of legal application.Finally,the orientation of the policy implemented by the subject in international law and the legal position of the environmental policy of the World Bank and the AIIB will be discussed.The third part is about the analysis of the specific types of the World Bank's environmental and social policies.Involuntary immigration policy,indigenous policy and environmental impact assessment system will be introduced,in which environmental impact assessment system is the most important part.The involuntary resettlement policy and the indigenous policy are the main manifestations of the social security policy,which embodies the dual protection of the environment and human rights.The obstacles of the implementation of these two policies,the improvement and the reference for the AIIB will be mainly analyzed.EIA policy is the most important system in implementing environmental policy.The World Bank has defined a relatively comprehensive EIA system from project development,project implementation to project testing.AIIB also has provisions in the EIA but not comprehensive and detailed.AIIB can learn from the World Bank on the provisions of the EIA to improve their own policies.This paper will introduce the content of the EIA system from the concept of the EIA system and focus on the analysis of public participation and information disclosure system and finally the legal orientation of the EIA system.The fourth part is about the organization of environmental and social policies.The successful implementation of the environmental and social policy mainly due to the well-organized organization.Therefore,Supervisory Committee,the World Bank's Policy Enforcement Authority will be mainly introduced in this section,adding an external guarantee to the implementation of environmental policies for AIIB.First,the background of the establishment of the Commission will be introduced.The organizational structure of the Commission and the operational procedures of the implementation of the policy will be introduced in detail.Finally,the significance of the Commission will be analyzed from the perspective of international law.The fifth part is about the inspiration of the World Bank's environmental and social policies to AIIB.The comprehensive analysis of the World Bank's environmental and social policy is finally applied to the AIIB.The last part of the article will focus on the inspiration to the AIIB and the analysis of leaning lessons from World Bank from the positive and negative point of view.In the responsibility system,the information disclosure and complaint mechanism should be improved from the perspective of investment banks and environmental responsibility should be strict from the borrower's main point of view.In the establishment of effective external oversight mechanisms,public participation system will be focused and a monitoring body shall be set up for AIIB.On this basis,AIIB should also improve the dispute settlement and cooperation mechanism.What's more,cooperation with other financial institutions and improvement of the victim's relief mechanism and the main body of relief accountability should be strengthened.This paper will first focus on the basic concept of environmental and social policy,and then introduces the international law foundation,the specific policy type and the analysis of the environmental impact assessment system from the perspective of international law.Then,the inspection penal will be mainly discussed from the perspective of the implementation of the policy.Finally,the analysis of the implementation of the policy will be discussed,emphasizing that the implementation of the policy can't simply copy the successful management and business model of multilateral banks while should innovate and find their own financial governance model to maintain sustainable development.Finally,corresponding countermeasures and suggestions will be put forward.