The IDB wishes to position itself as a leader amongst multilateral development banks in pursuing sustainability in its operations and in promoting development that is environmentally and socially sound in Latin America and the Caribbean. An important component of this process is the development of the Environment and Safeguards Compliance Policy that will implement the Banks Environmental Strategy approved in 2003. The Draft Policy is currently under public consultation. In 2004, a nine-member advisory group, known as the Blue Ribbon Panel on Environment, was created by IDB President Enrique V. Iglesias to advise on the Bank's new Environment and Safeguards Compliance Policy, and the broader perspective of increasing the Bank's role in supporting countries in the Region to achieve sustainable development. This document contains the recommendations of the panel to the IDB.