Probe Finds IFC Investment in Tata Power Project Breaching Norms

Probe Finds IFC Investment in Tata Power Project Breaching Norms

World Banks probe body CAO has raised concerns over IFCs insufficient action to address environmental norms violation by Tata Power arm Coastal Gujarat Power Ltd (CGPL).

World Bank investment arm IFC is an investor in CGPL. The CAO, in its second monitoring report in relation to audit of CGPL following complaint by fishing communities, said there was a need for rapid, participatory and remedial approach to assess and address project impacts raised by the complainants.

The office of the Compliance Advisor/Ombudsman (CAO) is an independent body reporting to World Bank which reviews complaints from communities affected by development projects undertaken by World Bank lending arms IFC and MIGA. In July 2012, CAO had concluded a compliance appraisal and found that a number of issues raised, including pollution of water and air around the plant, that merited further enquiry for remedial measures to be taken up. Read More….

 

 

Credit By: news18.com

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