Bank (2009). The African Development Bank remains the only major multilateral financial institution without a standalone Indigenous Peoples’ policy, but its February 2013 hosting of an Indigenous Peoples’ forum indicates the issue is not being ignored. In November 2012, the Brazilian National Development Bank (BNDES) approved a $US22.5 billion loan to finance construction of the Belo Monte Dam in Brazil, the world’s third largest hydroelectric dam. Approximately 11 percent of the loan (US$3.2 billion) was designated specifically for social and environmental programs, the largest ever investment by BNDES for such purposes. The dam, which was authorized by the Brazilian government in 2005 without FPIC from affected Indigenous Peoples, has been the subject of 53 judicial actions in Brazil, and construction was suspended at least five times in 2012 alone. The conditions of the BNDES loan indicate that national development institutions may begin making the same concessions to Indigenous Peoples’ rights as multilateral and private lenders. Standard setting initiatives within the private sector also serve to elevate the international standards for corporate responsibility to respect Indigenous Peoples’ rights. These include industry associations such as the Roundtable on Sustainable Palm Oil and the International Council on Mining and Metals, both of which address issues relating to Indigenous Peoples’ rights and FPIC in certain circumstances. Other organizations, such as the Global Reporting Initiative (GRI), focus on social and environmental reporting standards for companies, which enhance stakeholders’ ability to evaluate policies and practices towards Indigenous Peoples. In 2012, GRI released a draft of its updated Sustainability Reporting Guidelines highlighting UNDRIP and FPIC as useful instruments in the assessment of Indigenous Peoples’ rights. In its 2012 Community Consent Index, Oxfam America cites increased commitments to FPIC and community consent by extractive companies themselves: “Five companies (Inmet, Newmont, Rio Tinto, Talisman, and Xstrata) out of the 28 have made explicit public commitments to FPIC. At the time of Oxfam America’s 2009 report, only two extractive companies included in the index had made company-wide commitments to obtaining FPIC. Just three years later, the number of companies has doubled (with bigger numbers if we take into account qualified or indirect commitments). In addition, approximately two-thirds of the companies surveyed in this report now have incorporated concepts of community consent, broad community support, or social license in 20 Community Consent Index their policies regarding development activities, either directly or indirectly, through their commitments to other standards (such as UNDRIP).” Issues Although these facts display a clear trajectory that holds businesses increasingly accountable to Indigenous Peoples’ rights, conflicts persist around the world stemming from imposed development on Indigenous communities without FPIC. The chronic failure of states to consult with Indigenous Peoples often leaves companies caught in centuries-old disputes between
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