In April of 2008, the International Financial Corporation’s Compliance Advisor/Ombudsman (CAO) found the IFC to be “out of compliance” with its own regulations at Karachaganak Oil and Condensation Field in Western Kazakhstan (see Update 61, 45). More than 6 months later the case remains open with the CAO because the IFC has failed to address noncompliance in stack emissions and ambient air quality monitoring. “[Karachaganak Petroleum Operating] continues to flare gas, which pollutes the air and harms the health of Berezovka residents. Neither the company nor the local authorities have made any concrete decisions in response to our complaints”, commented Svetlana Anasova, leader of the Berezovka Initiative Group.
World Bank & IMF in the news
EarthRights International examines how the Jam v. IFC case has helped to shift the landscape of accountability for international financial institutions by successfully challenging their claim to “absolute” immunity in US courts, potentially opening IFC up to further legal challenges in future.