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Article

1 Oct 2011

Author:
BankTrack

[PDF] The Outside Job - Turning the Equator Principles towards people and planet

The Equator Principles mean nothing if they do not meet the expectation that the public places on any voluntary sustainability initiative: that it makes a real difference to people and the planet...The world does not need improved risk management as a goal in itself; it needs fewer supersized dams blocking life‐supporting rivers, less mining projects scarring entire mountains and polluting community water sources with their tailings...A bank’s human rights policy should begin with a statement referencing the human rights standards or the framework it commits to follow with all of its activities and each decision at all levels...The principles should provide guidelines to banks on what sort of projects or business activities should automatically trigger a detailed due diligence process...Banks have a crucial role in providing non‐judicial remedy at two levels. The first is with regard to project‐level grievance mechanisms. Access to remedy must be guaranteed at the level of impact when human rights risks are identified.