Greening the International Financial Institutions (IFIs): Finance for the next decade’s sustainable development

By Kirk Herbertson, World Resources Institute

This paper outlines the need for reform of the International Financial Institutions (IFIs) as part of a broader package of sustainable development governance reforms. It argues that the decision-making of IFIs is sometimes at odds with the objectives of the UN – operating within the language of finance and development, rather than environment and human rights. As the World Bank and other IFIs begin to play an increasingly important role in financing sustainable development, they will need to find ways to better collaborate with UN agencies. Rio2012 must advance a dialogue on how to reconcile the Bank’s focus on economic growth with UN imperatives of environmental and human rights.