The FINANCIAL -- IFC, a member of the World Bank Group, on June 8 signaled its growing support for solutions in Guinea to protect biodiversity as the country expands its mining sector.
Working with the Guinean government, which today is hosting the Biodiversity Responsible Mining Roundtable, IFC aims to help mining investors adopt best practices and develop viable approaches to protecting biodiversity as they expand and spur further growth and development in the country, according to IFC.
“Guinea has abundant mining, agricultural, and hydropower resources that are being explored alongside rich biodiversity,” said Seynabou Ba, IFC Head of the Environment and Social Department in Africa. “IFC will bring together a coalition of stakeholders to identify approaches to addressing biodiversity issues at a landscape level rather than simply focusing on individual projects.” IFC’s Sustainability Framework and Performance Standards guide companies in this process.
Today’s Roundtable will explore the effects of mining on terrestrial and marine biodiversity, and ecosystem services. Solutions for the private sector and the government are being considered.
“The Government of Guinea is committed to extracting our mineral resources to meet our development goals while safeguarding our environment,” said Abdoulaye Magassouba, Minister of Mines and Geology. “This Roundtable offers an excellent opportunity to work with different stakeholders to raise awareness of established global practices that are effective in taking into account the impacts of mining activity and protecting our ecosystems.”
IFC is investing in the mining sector in Guinea and is ensuring that projects in which it invests are developed in compliance with the IFC’s Performance Standards intended to safeguard biodiversity and to maximize benefits to communities and the local economy. IFC’s involvement in the Roundtable is part of IFC’s enhanced client support program, which aims to address constraints that can derail or hinder an investment by a single client or group of clients.
Solutions often require the collaboration across multiple stakeholders. The Roundtable is intended to provide a platform for the Guinean government, donors, the private sector, and civil society to explore opportunities to improve management of biodiversity risks. Participants will share perspectives on possible the roles, responsibilities, and capacity of different stakeholders, and to explore possible partnerships and areas of collaboration to support the sustainability of ecosystems.
The Biodiversity Roundtable builds on World Bank Group programs to improve governance in the mining sector, and transparency of the public sector in Guinea.