Today the U.S. Supreme Court ruled 7 to 1 against the World Bank’s International Finance Corporation (IFC) claim of immunity, stemming from an environmental case in India. The IFC, the private investment arm of the World Bank, has long financed and advised on projects that have run roughshod over human rights and environmental protection.
Please see Corporate Accountability Senior Program Director Shayda Edwards Naficy’s statement
“Today’s Supreme Court ruling delivered a clear message: The World Bank Group is not above the law. For decades, the IFC’s projects have prioritized profits over people and the results have been disastrous for human rights and the environment. This is an institution desperately in need of more accountability, not less.
With its decades-long track record of self-dealing and failure in the water sector alone, it’s no wonder that in every region the IFC operates, there are robust movements challenging its practices. From Gabon to The Philippines, people who have borne the brunt of the IFC’s shady and abusive practices are standing up to say “no more.” This ruling makes clear not only that the IFC isn’t above the law, but that it must be held to account for its abuses.”