New and emerging trends in development finance…

10:00am – 11:20am New and emerging trends in development finance – An open consultation 

What are the responsibilities of development finance institutions (DFIs) to human rights under the UN Guiding Principles on Business and Human Rights (UNGPs)? Multilateral DFIs have long been scrutinised for their impacts on communities and workers, such that many have developed their own environmental and social safeguard policies, guidelines, and grievance mechanisms—with some even predating the UNGPs. Even so, major concerns persist with respect to, for instance, the effectiveness of these efforts on the ground; the persecution of human rights defenders speaking out against large-scale development projects; and ongoing challenges faced by communities in accessing remedy. Moreover, considering the growing role played by national, sub-regional and regional DFIs, this raises additional questions about how and to what extent these actors are applying a human rights-centered approach to their financing, and whether the potential and actual adverse impacts of their financed projects are being adequately addressed. This hybrid session will explore new and emerging issues, actors and trends in the development finance landscape. Attention will also be directed to discussing the opportunities and challenges that rights holders as well as DFIs face in implementing and enforcing the UNGPs. Structured as a consultation that will feed into the UN Working Group's report to the Human Rights Council in 2023, this session features two speakers from OHCHR and the Organisation for Economic Co-operation and Development (OECD), who will provide 'trigger' remarks based on their new guidance on DFIs, to jumpstart constructive dialogue on these questions. Interventions from the floor—both in person and online—in response to these remarks and the key discussion questions contained in this concept note are welcomed and encouraged.