The Road from Rio: Implications of the UN Conference on Environment and Development for the World Bank

Abstract

The United Nations Conference on Environment and Development (UNCED) articulated the international community's commitment to a policy of sustainable development. In response to the fact that, too often, policies have not been successfully translated into effective action, UNCED produced Agenda 21, providing a blueprint to guide the implementation of national and international policies in support of sustainable development. The World Bank's strategy for implementing the environmental concerns embodied in Agenda 21 is fourfold: to incorporate a comprehensive environmental assessment procedure to ensure that the investment projects that it helps to finance take account of environmental considerations; to exploit the powerful synergies between poverty alleviation, economic efficiency and the enhancement of environmental quality; to assist member countries in setting priorities, building institutions, and formulating specifically targeted policies for sound environmental stewardship; and to support the Global Environment Facility as both a financial resource and an institution specifically designed to serve the interests of the world as a whole. The Bank's commitment to promoting sustainable development, of course, must be complemented by similar commitments from the private sector to provide capital and technology, and from international development institutions to play a major role in bringing about a new era of international cooperation.