Environmental and social sustainability
BSTDB aims to promote environmental and social (E&S) sustainability in its Member States. Therefore the Bank commits to apply sustainability principles to its business management and require its clients to follow these also. These principles relate primarily to:
- pollution prevention and mitigation;
- respect for fundamental human rights in the working environment;
- protection of the Black Sea against pollution;
- addressing climate change;
- promoting sustainable use of natural resources,
- protection and conservation of biodiversity;
- disclosure of information on E&S performance of its operations.
Environmental and Social Assessment
BSTDB recognizes that operations it finances may generate E&S risks and negative impacts. These risks and impacts need to be thoroughly identified, assessed, mitigated and monitored. In this respect, the Bank undertakes E&S assessment and monitoring of all its operations commensurable to their potential risks and impacts, and ensures that these are structured and implemented in accordance with the requirements of its Environmental and Social Policy.
Environmental and Social Terms
The E&S issues identified during the assessment process need to be addressed by the Client throughout the life of the BSTDB financing by implementing relevant preventive and mitigation actions. These actions are normally set forth in form of an Environmental and Social Action Plan (ESAP) and its implementation is part of the operations’ financing terms and conditions.
Following International Good Practices
BSTDB seeks to apply good E&S practices such as the European Union standards, the World Bank/IFC Performance Standards, EBRD’s Performance Requirements, International Labor Organizations Core Labor Standards, International Environmental Conventions, as well as the national environmental, labor, health and safety, and public information laws and regulations of its Member States, including national commitments under international law.