Revised Equator Principles announced

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Article
6 July 2006

Banks Adopt Fortified Green Principles

Author: Emad Mekay, IPS

...more than 40 international financial institutions have committed to financing only those projects that comply with the Equator Principles (EP), a set of voluntary environmental and social standards that seek to uphold the rights of people displaced by projects and to protect endangered ecosystems. Signatories, including...ABN AMRO, HSBC, Barclays, Crédit Lyonnais [part of Crédit Agricole], Credit Suisse Group, Dresdner Bank [part of Allianz] and Royal Bank of Canada, sometimes co-finance projects with public multilateral lenders such as the World Bank in mining, oil, gas and related sectors...The IFC...called on other...banks in emerging markets such as those in China and India, to also adopt the Equator Principles...Non-governmental organisations...have complained that their most significant proposals to create robust governance and compliance systems, including an accountability mechanism, were not taken up in the guidelines. Environmentalists...say that committing to the principles still doesn't mean that those banks will be either transparent about the projects they fund or that they will cease funding harmful projects. [also refers to Calyon, Botnia, Citigroup, JP Morgan Chase, Standard Chartered, Royal Bank of Scotland]

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Article
6 July 2006

[PDF] Financial Institutions Announce Revision of Equator Principles - Underscoring the Global Application of Environmental and Social Risk Management

Author: Equator Principles

The Equator Principles...have been revised in the following ways: • The Principles apply to all project financings with capital costs above USD 10 million. • The Principles now also apply to project finance advisory activities. • The revised Principles now specifically cover upgrades or expansions of existing projects where the additional environmental or social impacts are significant. • The approach in applying the Principles to countries with existing high standards for environmental and social issues has been streamlined. • Each EPFI is now required to report on the progress and performance of Equator Principles’ implementation on an annual basis. • Stronger and better social and environmental standards, including more robust public consultation standards. The financial institutions adopting the revised Equator Principles today are included in the following list: ABN Amro, Banco do Brasil, Bank of Tokyo-Mitsubishi [part of Mitsubishi UFJ], Barclays, Calyon, Citigroup, Dexia, EKF, Fortis, FMO, HSBC, HypoVereinsbank (HVB), IFC, ING, Banco Itaú, KBC, Millennium bcp, Mizuho, Royal Bank of Scotland, Sumitomo Mitsui Banking, Standard Chartered, Wells Fargo, West LB, Westpac, Banco Espirito Santo, BBVA, Credit Suisse, Nedbank, CIBC, Grupo Sanpaolo, Unibanco, Rabobank, RBC, BMO Financial]

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Article
1 July 2006

[PDF] The "Equator Principles"

Author: Equator Principles

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