Research On The Environmental And Social Framework Of The Asian Infrastructure Investment Bank

The establishment of the Asian Infrastructure Investment Bank(hereinafter“AIIB”)in 2015 has strengthened the voice of developing countries in the international financial system,promoted inclusive economic development among its Members and promoted the restructuring of the international financial order,with far-reaching and widespread implications for the international community.Historically,the multilateral development banks have developed safeguard policies in response to the environmental and social problems that arise in the project construction.The Environmental and Social Framework(hereinafter "AIIB ESF"),being an overarching environmental and social policy of the AIIB,establishes a mechanism to address the environmental and social risks that projects may face during the whole process of identification,preparation and implementation.Thus to ensure the environmental and social sustainability of projects and to enable the AIIB to effectively avoid environmental and social risks while developing regional economies and enhancing regional connectivity through project investments.This article is divided into four chapters in addition to the introduction.The first chapter is an overview of the AIIB ESF.This chapter firstly analyses the development process of the environmental and social safeguard policies of multilateral development banks,taking the World Bank and the Asian Development Bank as examples,which have great influence upon the AIIB ESF.This part also gives elaboration on the evolution of the AIIB ESF from the draft article to the present version.Secondly,it introduces the structure and nature of the AIIB ESF.Finally,it analyzes the three characteristics of the AIIB ESF and its internal and external significance.The second chapter introduces the policy guidelines,objectives and international law foundations of the AIIB ESF.This chapter first examines the "sustainable development principle","precautionary principle" and "environmental and social impact assessment principle" as the policy guidelines of the AIIB ESF.Secondly,it analyzes the the goals and visions of the AIIB ESF.Finally,it introduces the international environmental law and international human rights law as foundation of the AIIB ESF.The third chapter reviews the normative content of the AIIB ESF.This chapter first describes the review process of the AIIB ESF from project application and classification to the environmental and social impact assessment conducted by the Clients,and the due diligence conducted by the AIIB.Second,it analyzes the use of country and development partner system;the monitoring mechanism and the public participation mechanism.Finally,it analyzes the environment and social standards.The fourth chapter points out the problems concerning the AIIB ESF from both textual and practical perspectives,and gives recommendations for improvement.