Assessment of the Sustainable Rice Platform

Investment Rating - The report assesses the Sustainable Rice Platform (SRP) Standards System as credible, indicating alignment with the International Finance Corporation (IFC) Performance Standards, although some gaps exist [22][95]. Core Insights - The SRP aims to transform the global rice sector by promoting sustainable practices, with the potential to reduce methane emissions by at least 30% below 2020 levels by 2030 [14]. - The SRP operates a multistakeholder roundtable with over 100 members, focusing on sustainable rice farming practices and governance [15]. - The SRP Farm Standard is designed for farmers and smallholder groups, but does not include first processors, which may limit its applicability in larger operations [27][69]. Summary by Sections Executive Summary - Rice production is a significant contributor to methane emissions, and sustainable practices can mitigate environmental impacts while enhancing producer livelihoods [14]. Introduction - The report compares the SRP Farm Standard with the IFC Performance Standards, evaluating its assurance and governance processes [61][63]. Comparison of SRP Standard with IFC PS - The SRP Farm Standard aligns with key IFC Performance Standards, particularly in environmental and social risk management, labor conditions, and resource efficiency [22][95]. - Gaps identified include less extensive requirements in the SRP compared to the IFC standards, particularly regarding child labor definitions and community health [24][25][26]. Assurance and Governance - The SRP Standards System includes third-party verification, but the approval process for conformity assessment bodies lacks full independence [31]. - The SRP is working towards compliance with ISEAL Good Practice Codes, indicating a commitment to improving governance [37]. Market Position - The SRP has the lowest market penetration among peer systems, with only 46,280 hectares verified, representing 0.4% of globally traded rice [52]. - The SRP's operating budget is significantly smaller than its peers, which may impact its capacity for outreach and implementation [51].