World Bank Releases 2014 Sustainability Report
The World Bank, a vital source of financial and technical assistance to developing countries around the world, released its web-based 2014 sustainability report. This is the second year the World Bank followed the Global Reporting Initiative’s G4 Framework, the internationally recognized sustainability reporting standard but the first time a panel of experts and practitioners were invited to review its reporting practices. This year, the institution is also one of the first to provide the list of sustainability indicators tagged with the eXtensible Business Reporting Language (XBRL) taxonomy. You can find the report at: http://crinfo.worldbank.org.
The annual review articulates how a large institution, located in 130 countries globally, tackled its goals – to eliminate poverty in a generation and boost shared prosperity for the poorest 40 percent in developing countries – and do this in a way that manages the resources of our planet for future generations, ensures social inclusion, and adopts fiscally responsible policies that limit future debt burden. Two highlights from the past year include:
The President of the institution, Dr. Jim Yong Kim, announced a formal commitment to lead by example as it strives to achieve its goals in a sustainable manner. The commitment is to be articulated in a Corporate Sustainability Directive.
As of fiscal 2014, the Bank is on course to reach the latest emissions reduction goal, aspiring to reduce emissions from our owned and managed facilities by 10 percent from a fiscal 2010 baseline by fiscal 2017. Emissions have already been reduced by 7 percent since fiscal 2010 through a combination of technological upgrades and efficiency techniques.
A panel of nine experts and practitioners (both internal and external to the Bank) were invited to help the World Bank review its reporting approach and resulting 2014 report. Panel members also recommended that a discussion on “dilemmas of reporting” be included in the 2014 Review to highlight differences between the World Bank and typical GRI reporters