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A comparative analysis of the environmental and social policies of the AIIB and World Bank

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  • Laerte Apolinário Júnior
  • Felipe Jukemura

Abstract

This paper presents a comparative analysis of the environmental and social policies of the Asian Infrastructure Investment Bank (AIIB) and the World Bank. Our objective is to assess how the AIIB innovates in the international financial order in terms of Environmental and Social Assessment (ESA) instruments. We analyse projects financed by the two institutions in India between 2017 and 2020, considering both institutions' social and environmental standards. First, we compare the social and environmental guidelines of both financial institutions extensively. Then, we analyse 20 projects carried out in India during this period, considering the amounts invested, risk classification policies, and the adopted ESA instruments. Finally, we conduct two case studies analysing each organization's ESA instruments based on 10 parameters of comparison. We conclude that the AIIB portrays itself as a ‘middle way’ bank, with the internalization of some standards of the already established multilateral development banks (MDBs), but with several innovative characteristics. We identify the incorporation of some World Bank guidelines used in ESA instruments in AIIB projects. Nevertheless, the AIIB innovates through its focus on infrastructure, the variability of its project sizes, more integration with the borrower's national policies and programmes, and the simplification of socio‐environmental analysis instruments.

Suggested Citation

  • Laerte Apolinário Júnior & Felipe Jukemura, 2022. "A comparative analysis of the environmental and social policies of the AIIB and World Bank," Global Policy, London School of Economics and Political Science, vol. 13(5), pages 694-709, November.
    • Handle: RePEc:bla:glopol:v:13:y:2022:i:5:p:694-709
    DOI: 10.1111/1758-5899.13119
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    1. Giuseppe Gabusi, 2019. "Global Standards in the Asian Infrastructure Investment Bank: The Contribution of the European Members," Global Policy, London School of Economics and Political Science, vol. 10(4), pages 631-638, November.
    2. Jiejin Zhu, 2019. "Is the AIIB a China‐controlled Bank? China’s Evolving Multilateralism in Three Dimensions (3D)," Global Policy, London School of Economics and Political Science, vol. 10(4), pages 653-659, November.
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    4. Karin Costa Vazquez & Gregory T. Chin, 2019. "The AIIB and Sustainable Infrastructure: A Hybrid Layered Approach," Global Policy, London School of Economics and Political Science, vol. 10(4), pages 593-603, November.
    5. Natalie Lichtenstein, 2019. "AIIB at Three: A Comparative and Institutional Perspective," Global Policy, London School of Economics and Political Science, vol. 10(4), pages 582-586, November.
    6. Stephen, Matthew D. & Skidmore, David, 2019. "The AIIB in the Liberal International Order," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 12(1), pages 61-91.
    7. Hongying Wang, 2017. "New Multilateral Development Banks: Opportunities and Challenges for Global Governance," Global Policy, London School of Economics and Political Science, vol. 8(1), pages 113-118, February.
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    1. Lu, Yangsiyu & Springer, Cecilia & Steffen, Bjarne, 2024. "Cofinancing and infrastructure project outcomes in Chinese lending and overseas development finance," World Development, Elsevier, vol. 175(C).

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