The Remedy in Development Finance The report provides guidance for development finance institutions to ensure that the projects they fund do not harm people and that effective remedies are available to any potential victims.
Although development finance institutions are not and cannot be responsible for all outcomes, Michelle Bachelet told launch event in Washington DC that “in their own processes, they are ideally placed to assess risk, perform due diligence, and plan for adverse outcomes”.
And while the client is responsible for the implementation of the project, and States are the main authors and settlers of international human rights law, she reminds that “all must respect human rights…should contribute. consistent with their responsibilities and… have a role to play in strengthening the recovery ecosystem”.
“Simply put: if you contribute to harm, you should contribute to remediation“, she declared.
Remedial Ecosystem
While day-to-day development work is not usually associated with human rights violations, it does happen from time to time, including cases of forced deportation, child labor, and gender-based violence.
“Attacks on human rights defenders and the environment are on the rise. Bad policies can erode economic and social rights. New threats, such as digital technology risks, are emerging,” the United Nations human rights chief attests.
As leading development financial institutions and multilateral development banks continually set new global standards for sustainability and accountability, Ms. Bachelette told participants that “leadership and the strength of their example, is needed now, more than ever, on the matter of the remedy ‘to have ‘real results in people’s lives’.
Connecting ‘deeply personal’
Redressing economic and social inequalities is “deeply personal” for the High Commissioner.
“In 1973, when I was 22 years old, a military dictatorship seized power in my hometown, Chile. My father was a Army General of real integrity: he was detained and tortured almost daily, for many months. He died of torture,” Ms. Bachelet told the crowd.
“My mother and I were also detained for a number of weeks, and many of our friends were kidnapped, disappeared, killed. In 1975, I was forced to leave my country and become a refugee.”
The High Commissioner went on to explain that at the age of 28, she was finally able to return to Chile, where she joined various organizations working to restore democracy.
‘The Power of Compensation’
“I am committed to the process of reconciliation, truth-finding and truth-telling, expanding the space for dialogue so that injustices can be acknowledged and resolved,” she said.
And as a doctor, Ms. Bachelette has worked with an organization that supports the social needs of children whose parents were victims of the dictatorship.
“This experience shows not only the intergenerational impact of human rights abuses, but also the power of reparation that has helped survivors, families and communities,” she explains. attach and become part of a larger, dignified society”.
UN Women / Narendra Shrestha
Rural women make up a large proportion of the agricultural workforce in Nepal.
Proactive measures will help
The report confirms it More proactive and robust approaches to remediation will help development financial institutions avoid causing or contributing to human rights abuses.reduce the risk to their reputation and help them meet the changing public expectations and standards regarding responsible business practices.
Remedy in Development Finance also encourages the consistent and effective implementation of the remedy, noting that compensation can include reparation, reparation, and non-repetition guarantees – often most effective when combined.
Based on UN Guiding Principles on Business and Human RightsThe report provides a framework to help development financial institutions assess how and when they should contribute to remediation.
