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GRI Index 2021 Summary

Core Content

The GRI Index 2021 is a sustainability disclosure report by the World Bank, prepared in accordance with the GRI Standards Core Option. It covers the Bank’s activities during the fiscal year 2021, from July 1, 2020, to June 30, 2021. The report highlights the Bank’s commitment to sustainability in its lending, analytical services, and corporate practices, with a focus on environmental, social, and economic impacts.

Key Objectives

The World Bank Group (Bank Group) aims to:

• End extreme poverty by reducing the share of the global population living in extreme poverty to no more than 3% by 2030.
• Promote shared prosperity by increasing the incomes of the bottom 40% of the population.
  These goals are pursued in a sustainable manner, aligning with the Sustainable Development Goals (SDGs) and the Bank’s broader mission to support global development.

Methodology for Materiality

The materiality assessment is based on:

• Annual corporate priorities set by the Bank’s Boards and President.
• Stakeholder input through:
  • Country Opinion Survey (COS) Program
  • Civil society feedback
  • Environmental, Social, and Governance (ESG) research groups
• Sustainability impacts defined by the Natural Step, including:
  • Material extraction from the Earth’s crust
  • Persistent or toxic emissions
  • Extractive industries and destructive processes
  • Impact on people's ability to meet their needs
• An additional criterion was added to prioritize local economic impacts.

Each GRI aspect is evaluated for relevance based on a scoring system, and topics scoring four or more points are deemed material and included in the report.

Material Topics

General Disclosures

• Organizational Profile
• Strategy
• Ethics and Integrity
• Governance
• Stakeholder Engagement
• Reporting Practice

Economic Disclosures

• Economic Performance
• Economic Impacts
• Procurement Practices
• Anti-corruption

Environmental Disclosures

• Materials
• Energy
• Water
• Biodiversity
• Emissions
• Effluents and Waste

Social Disclosures

• Human Resources
• Occupational Health and Safety (OHS)
• Staff Learning
• Diversity and Inclusion
• Non-discrimination
• Child Labor
• Indigenous Peoples
• Human Rights
• Local Communities

Key Information

Organization Overview

• The World Bank Group consists of five institutions: IBRD, IDA, IFC, MIGA, and ICSID.
• It operates in over 140 countries and has 168 facilities worldwide.
• The Bank is not a traditional bank but a multilateral development institution focused on poverty reduction and sustainable development.

Staff and Operations

• In fiscal 2021, the Bank employed 12,528 full-time staff and 5,944 temporary staff.
• 53% of staff are female, and 47% are male.
• 32.3% of total workforce (permanent and temporary) were temporary staff.
• The Bank has 142 staff on Reduced Work Schedule (RWS) due to the COVID-19 pandemic.

Financial Commitments

• Total World Bank Commitments in 2021: $66.5 billion.
• IBRD Commitments: $30.5 billion in net lending, with $67.5 billion raised.
• IDA Commitments: $36 billion in net lending, including $24 billion in credits and $12 billion in grants.
• IDA19 Replenishment: $82 billion in total resources, with $9.5 billion raised from capital markets in 2021.

Procurement

• Corporate Procurement: Approximately $2 billion in goods and services annually.
• Operational Procurement: $17.1 billion in goods and services for operations in 2021, sourced from over 20,000 suppliers.
• Top Supplying Countries (2017–2021):
  • China consistently ranked first.
  • India, Poland, and Brazil were among the top countries in various years.
  • Subcontractors: Estimated to be 8–10 times the number of primary suppliers, totaling around 18,000.

Supply Chain and Risk Management

• The Bank Group’s supply chain is diverse and global, with a significant portion of projects focused on infrastructure (transport, water, energy).
• Risk Oversight is managed by the Chief Risk Officer and supported by dedicated risk committees.
• Risk Management Framework includes:
  • Market risks
  • Counterpart risks
  • Country credit risks
  • Operational risks
• The equity-to-loans ratio is a key indicator, standing at 22.6% as of June 30, 2021.

Sustainability and Impact

• The Bank emphasizes community-designed development approaches and human rights, including:
  • Improving access to health, education, food, and water.
  • Supporting Indigenous Peoples’ participation.
  • Promoting government accountability and transparency.
• The Environmental and Social Framework (ESF), effective since October 2018, enhances project effectiveness and development impact.
• The Bank applies the Precautionary Principle to minimize harm to people and the environment.

Conclusion

The GRI Index 2021 reflects the World Bank’s comprehensive approach to sustainability, integrating economic, environmental, and social considerations into its operations. It underscores the Bank’s commitment to transparency, stakeholder engagement, and responsible practices in pursuit of its twin goals of ending extreme poverty and promoting shared prosperity.