abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfiltergenderglobegroupshealthC4067174-3DD9-4B9E-AD64-284FDAAE6338@1xinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapeline, chart, up, arrow, graphLinkedInlocationmap-pinminusnewsorganisationotheroverviewpluspreviewArtboard 185profilerefreshIconnewssearchsecurityPathStock downStock steadyStock uptagticktooltiptwitteruniversalityweb
Article

25 Oct 2011

Author:
Mehrdad Nazari , Prizma

While BankTrack criticizes Equator Principles, IFC celebrates Community of Learning

BankTrack notes that voluntary initiatives from banks have an important role to play, “provided such initiatives are not mere window dressing but a sincere attempt to deal with the pressing social and environmental challenges faced by banks, people and planet...”...BankTrack remains “disappointment with the lack of progress on transparency, accountability, effectiveness and true compliance with the Equator Principles”...[It]...notes that “the world...needs fewer supersized dams blocking life‐supporting rivers, less mining projects scarring entire mountains and polluting community water sources with their tailings...This raises some interesting dilemmas. In general terms, should Equator Banks go back to simplistic ‘Yes/No’ decisions on – for example – financing coal power plants?...There is not much evidence that Equator Banks are adopting a simple ‘Yes/No’ approach...HSBC, Standard Chartered, BNP Paribas and Credit Agricole...have not withdrawn from financing coal power plants as a matter of policy. Instead, they have drawn up codes on lending to power plants that meet minimum efficiency/pollution standards.