BankTrack not Satisfied with new Draft of Equator Principles

12 October 2012 - Social Funds, Sustainability Investment News - Robert Kropp

While acknowledging that the new draft is an improvement, the Netherlands-based NGO finds insufficient commitments by signatory banks to transparency, human rights, and climate change mitigation. Some of the most environmentally damaging practices of the extractive industries - mountaintop mining and extensive deforestation, to name but two-remain perfectly legal, despite their contributions to climate change and destructive effects on communities. Such operations require a great deal of money; and since policymakers in the US and elsewhere seem unprepared to outlaw the practices, the Equator Principles were launched in 2003 to bring the management of environmental and social risks to Project Finance transactions. Read More.