Public invited to comment
OTTAWA - June 27, 2005 - Export Development Canada (EDC) announced today that it has drafted a new Environmental Policy that clarifies its commitments in all areas where it conducts environmental assessments. EDC also released proposed amendments to its Environmental Review Directive (ERD) and Disclosure Policy.
The new Environmental Policy will provide a framework which sets out the Corporation's commitment to be conscientious about the environmental impacts of its business and integrates all of the EDC policies, practices, roles and responsibilities that support that commitment. The ERD defines the process EDC follows in conducting environmental reviews of projects for which it considers providing support, as required by the Export Development Act. The Disclosure Policy outlines a formal set of disclosure practices that strike an appropriate balance between the release of information relevant to EDC's public accountability and the need to respect the commercial interests of our customers.
The new policy reflects recommendations coming from: the Office of the Auditor General in its 2004 examination of EDC's environmental practices; changes to the OECD Common Approaches on Environment and Officially Supported Export Credits; and EDC's own experience implementing the ERD since 2001.
EDC will invite public comment on these proposals during an 80-day public comment period so that interested parties may provide input and feedback. The comment period begins today and will conclude on September 16, 2005. "The new Environmental Policy responds to both evolving international trends in environmental review and recommendations by the Auditor General," said Stephen Poloz, Senior Vice President and Chief Economist for EDC, who is also responsible for EDC's Environmental Advisory Services. "The public comment period demonstrates our ongoing commitment to openness and transparency in the conduct of our business." Among the key proposed changes are:
- Eliminating "compelling socio-economic considerations" as a rationale for approving projects that do not meet ERD requirements. The inclusion of this rationale has never been invoked by EDC since the ERD has come into effect. - Examining the simplification of ERD requirements in G-7 and other countries, where projects meet or exceed internationally recognized standards. A consultant has been engaged by EDC to independently evaluate and make recommendations in this area.
- Disclosing the specific environmental review standards used in evaluating specific types of projects supported by EDC.
- Clarifying that the ERD does not apply where EDC support is for exports not related to a specifically identified project, as in the case of some corporate facilities or syndicated financing. In such cases, EDC will still undertake its own environmental risk assessment.
The proposed new Environmental Policy, the ERD, and EDC's Disclosure Policy are all available, with a complete list of draft amendments, at www.edc.ca/public_comment. The public comment form is also available on this page.
Following the 80-day public comment period, feedback will be presented to EDC management, EDC's Advisory Council on CSR and the EDC Board of Directors for their consideration. EDC will make a summary of the comments received publicly available.
EDC is a Crown corporation that provides trade finance and risk management services to Canadian exporters and investors in up to 200 markets worldwide.
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Media contact:
Phil TaylorEDC Public Affairs (613) 598-2904 ptaylor@edc.ca
