Citi elected as new Chair of the Equator Principles Association Steering Committee

15 March 2010

On 15 March 2010 Citi, one of the four founding banks of the Equator Principles (EPs) and long term contributor to its development, will assume the pivotal role of Chair of the EP Association Steering Committee. Citi is honoured to accept this appointment, which was unanimously supported by the Steering Committee recently, and will be stepping up during a crucial period of Equator Principles Financial Institutions (EPFI) engagement in the International Finance Corporation Performance Standards Policy Review and Update process, the result of which may impact on the EPs.

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Banks Attacked for Failures to Meet Equator Principles on Environment

UK - 14 January 2010 - The Guardian, Nick Mathiason

Campaign groups say funding is still going to projects that damage planet.  The world's biggest banks are continuing to lend money to some of the most environmentally damaging energy and infrastructure projects despite a supposed groundbreaking protocol they agreed to seven years ago that was meant to prevent such abuses. Read more

Banks v the Banks as Call Grows for Ethical Investments

Edinburgh - 30 November 2009 - The Scotsman, Craig Brown

SCOTS author Iain Banks has joined MPs and church leaders in accusing the government of failing to push banks to adopt ethical investments. In a letter to the Chancellor, the group said the Treasury had not used influence gained through last year's government bail-out to force Royal Bank of Scotland to support such investments. Read more

ASN Bank Adopts Equator Principles

The Hague, 25 November 2009

On 25 November 2009, ASN Bank adopted the Equator Principles. This means that, from now on, the bank will also assess the projects in which it invests using the Equator Principles and the social and environmental criteria in the International Finance Corporation (IFC) Performance Standards. ASN Bank has applied its own sustainability criteria in the selection of investments for years. The reason ASN Bank adopted the Equator Principles is that it invests in increasingly larger projects. The Equator Principles apply specifically to all new project financings globally with total project capital costs of US$10 million or more, and across all industry sectors.

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CAIXA Econômica Federal Adopts the Equator Principles

Brazil, 18 November 2009

Social Environmental impacts will be taken into account in credit Caixa Econômica Federal has formally adopted the Equator Principles – a set of environmental and social benchmarks for managing environmental and social issues in development project finance globally. The principles were modelled on the environmental standards of the World Bank and the social policies of the International Finance Corporation (IFC).

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ABSA adopts Equator Principles

South Africa - 22 October 2009

Absa has confirmed its commitment to environmental sustainability by announcing that the bank has adopted the Equator Principles. This formally qualifies Absa as an Equator Principles Financial Institution (EPFI) and puts the bank in step with the world's top financial institutions, including principal shareholder, Barclays.

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EPFI Engagement in the IFC Performance Standards Review Process

08 September 2009

On 8 September 2009, the International Finance Corporation (IFC) launched the process to review and update its Performance Standards. The process is expected to last until October 2010 and the updated framework to be released by January 2011. The IFC Performance Standards Review Process is extremely important for the Equator Principles and all EPFIs as it will define the Standards applied by the Equator Principles in the coming years. As part of the Phase 1 initial consultation process between IFC and key stakeholders, the EPFI Steering Committee and other EPFIs actively participating in some of the EP Working Groups, met with IFC representatives in London on 12 October 2009. The purpose of the meeting was to hold an informal discussion on some of the key issues and challenges for the upcoming IFC Performance Standards Review Process. The EPFIs will continue to be closely engaged with the IFC, civil society, clients, and other stakeholders during the Performance Standards Review Process, and we look forward to sharing valuable experience and insight.

 

NEW RESOURCE: Guidance to EPFIs on Incorporating Environmental and Social Considerations into Loan Documentation

03 August 2009

The EPFI Best Practice Working Group is pleased to share a new deliverable: "Guidance to EPFIs on Incorporating Environmental and Social Considerations into Loan Documentation".This guidance document has been prepared for use by the EPFI network. In order to increase our transparency, and to share such best practice with the broader financial and legal communities active in project finance, and civil society stakeholders, the full text of the guidance note is downloadable below.

Please note that the document is not to be viewed as a required legal framework, but rather a guidance document to assist EPFIs in incorporating environmental and social considerations into project finance loan documentation, as appropriate. The objective of the Best Practice Working Group is to identify and participate in the development of initiatives aimed at sharing good environmental and social practices among Equator banks and clients.

 

FirstRand Adopts the Equator Principles

South Africa, 13 July 2009

On 13 July 2009, FirstRand adopted the Equator Principles, providing the group with a globally-recognised benchmark for managing environmental and social risk in its project finance transactions. The Equator Principles provide FirstRand Bank Ltd with a globally recognized benchmark for managing environmental and social risk in project financing and FirstRand Bank will be integrating the International Finance Corporation (IFC) Performance Standards and the World Bank Group Environmental, Health and Safety (EHS) Guidelines into their existing lending practices to a more refined degree than it is currently.

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Fortis Bank Nederland Adopts Equator Principles

The Netherlands, 3 August 2009

On 3 August 2009 Fortis Bank Nederland adopted the Equator Principles – a framework to manage environmental and social issues in project finance. FBN will apply the Equator principles to all project finance activities in all industry sectors. After having applied the Equator Principles as part of the Fortis group since 2006, FBN continues to ensure that the projects financed are developed in a socially responsible manner and reflect sound environmental management practices. In adopting the Principles, Fortis Bank Nederland joins 67 other financial institutions worldwide, representing >85% of project finance transactions.