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Equator News Coverage

Banks increase their environmental requirements

Promoting Greater Responsibility in Project Financing by Natasha Cappon, Canada, Spring, 2008

China to bring in green loan benchmark, 25 January, 2008

A Question of Principles, Infrastructure Magazine, by Kimberley Gaskin, June 2007

Citigroup to scale up its green spending,The Financial Times, 8 May 2007.

Leaders challenge 'business as usual', Guardian, 6 November 2006

Financial Sector Responsibility

Building a better world (for investors and whales), The Banker, 3 July 2006

Update on the Equator Principles - 2006 Revision, Allens Arthur Robinson, August 2006

The Miami Herald July 31, 2006.

Building sustainability into syndication, Project Finance - July/August 2006

For Citigroup, Greening Starts With Listening

For people and planet, San Francisco Chronicle, 4 April 2006

Conservation You Can Bank On (Christopher Wright) (PDF - 91k)

'A New Environment', Legal Week 2 February 2006 (Paul Watchman and Charles July of Freshfields Bruckhaus Deringer) (PDF - 2572k)

'Banks Business and Human Rights' (2006) 2 JIBFL 46 (Paul Watchman of Freshfields Bruckhaus Deringer) (PDF - 59k)

Polluters Clean Up Act to Attract Lenders, The Moscow Times, 12 October 2005

The Equator Principles - guidelines for responsible project financing, Focus, Allens Arthur Robinson, August 2005 (PDF - 122k)

Corporate Green, Washington Post, 11 May 2005

Taking The Earth Into Account, Time Europe, 9 May 2005

Principles in Question, The Banker, March 2005 (PDF - 97k)

Banking on the future, Euromoney Syndicated Lending Handbook 2005, December 2004 (PDF - 38k)

A Matter of Principles, Global Finance, January 2005

Principle Finance, Euromoney, October 2004

Putting principles into practice, Environmental Finance, June 2004

'Greening' of financial sector gathering speed, Financial Times, 4 June 2004

"Equator - Risk and Sustainability," from Project Finance International, 2004 Yearbook. (PDF - 429k)

NGOs Bring Bank Scrutiny Back on Track, Ethical Corporation Online, 2 May 2004

Banks contest ban proposed for coal and oil extraction, Financial Times, 5 April 2004

A Matter of Principal, Project Finance, 3 March 2004

The Equator Principles: a milestone or just good PR?, Global Agenda, 26 January 2004

Mizuho To Adopt Environmental Standards In Project Financing, CNNfn, 26 October 2003

Dexia adhère aux "Equator principles", La Tribune, 22 September 2003 (in French)

Western Banks Set Standards for Eco-Friendly Lending. Japanese Banks Far Behind. NGO Keeping Close Watch, Nikkei, 5 September 2003

A point of principle, Global Finance, July 2003

Equator Principles — Why Indian Banks Too Should be Guided by Them, The Hindu, 25 July 2003

Project finance — Standards for Lending, Financial Mail, 25 July 2003

Financiers must meet criteria, Business Day, 14 July 2003

Banks agree new loan guidelines, Ethical Performance, July 2003

Principled finance?, Project Finance, June 2003 Cover Story

Banks club together to turn their notes green, The Age, 22 June 2003

Nikkei Financial Daily, 11 June 2003 (in Japanese - PDF)

Banks' green pledge earns mixed response, swissinfo, 10 June 2003

Greening the banks, The Economist, 7-13 June 2003

Leading banks sign up to project finance principles, Environmental Finance, 6 June 2003

Bancos adotam princípios de responsabilidade social, Valor Econômico, 5 June 2003 (in Portuguese)

Zehn Banken werden zu Umweltschützern, Die Tageszeitung, 5 June 2003 (in German)

Major Banks Endorse Equator Principles, The Peninsula, Qatar, 5 June 2003

The 'Equator Principles' adopted by leading banks, The Times of India, 5 June 2003

Westpac's principles, Australian Financial Review, 5 June 2003

Loan rules with an eye on nature, International Herald Tribune, 5 June 2003

10 global banks endorse socially responsible "Equator Principles", Agence France Presse, 5 June 2003

"THE FLIP SIDE", CNN, 4 June 2003 (transcript)

IFC Head's Remarks at Equator Principles Press Conference, 4 June 2003

Banks sign up for responsible lending accord, Financial Times, 4 June 2003

Banks Accept Environmental Rules, The Wall Street Journal, 4 June 2003

Banks in drive for project principles, Financial Times, 9 April 2003

Four banks adopt IFC agreement, Financial Times, 7 April 2003

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Twelve Banks Speak Out on the Extractive Industries Review

WASHINGTON, DC, 5 May 2004 — Eleven of the banks that have adopted the Equator Principles have written a joint letter to the World Bank President, James Wolfensohn, to express their views on the Extractive Industries Review (EIR). Another bank has sent a separate letter to Mr. Wolfensohn stating its concerns.

In the joint letter, the banks expressed their concerns about EIR recommendations that the World Bank Group (WBG) withdraw from lending to coal immediately and to oil by 2008. The letter states that the banks believe the "EIR has not given sufficient consideration to the fact that the extractive industries are essential to global economic growth and poverty reduction, and that for some countries the extractive industries represent a very important means of creating revenue for government programs."

The banks expressed concern about an EIR recommendation that it should be a precondition of WBG investment that countries have robust governance criteria in place. The banks said that "a country's current inability to meet robust WBG governance criteria should not prevent that country from gaining access to the support, both financial and structural, that is required in order to develop such governance mechanisms. Otherwise, countries that are most in need of such developmental assistance could be excluded ... and will either remain mired in poverty or find less desirable paths to develop their extractive potential."

They also expressed concern about EIR recommendations concerning 'prior informed consent,' and stated the view that the implementation of the WBG Safeguard Policies is intended to result in effective consultation with affected groups and tangible benefits for local communities.

The banks did support the EIR recommendation for increased transparency on revenues paid to governments.

For the full text of the banks' letter, see EIR Banks Letter (pdf - 90k).


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Institutions Which Have Adopted the Equator Principles

ABN AMRO Bank, N.V.
ANZ
Banco Bradesco
Banco de la República Oriental del Uruguay
Banco do Brasil
Banco Galicia
Banco Itaú
BankMuscat
Bank of America
Bank of Tokyo-Mitsubishi UFJ
BMO Financial Group
Barclays plc
BBVA
BES Group
Calyon
Caja Navarra
CIBC
CIFI
Citigroup Inc.
CORPBANCA
Credit Suisse Group
Dexia Group
DnB Nor
Dresdner Bank
E+Co
EKF
Export Development Canada
Financial Bank
FMO
Fortis
HBOS
HSBC Group
HypoVereinsbank
ING Group
Intesa Sanpaolo
JPMorgan Chase
KBC
KfW IPEX-Bank
la Caixa
Lloyds TSB
Manulife
MCC
Mizuho Corporate Bank
Millennium bcp
National Australia Bank
Nordea
Nedbank Group
Rabobank Group
Royal Bank of Canada
Scotiabank
SEB
Societe Generale
Standard Chartered Bank
SMBC
TD Bank Financial Group
The Royal Bank of Scotland
Unibanco
Wachovia
Wells Fargo
WestLB AG
Westpac Banking Corporation

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World Bank/IFC Links

World Bank Guidelines and Criteria Referenced in the Equator Principles

Development Indicators Database

IFC Guidelines and Policies Referenced in the Equator Principles

Sector-Specific EHS Guidelines

Performance Standards


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