|
Equator News Coverage
ContactContact for information about the Equator Principles |
10 global banks endorse socially responsible "Equator Principles" AGENCE FRANCE PRESSE, June 5, 2003 WASHINGTON (AFP) - Ten major banks from seven countries agreed to a series of guidelines known as the "Equator Principles" on social and environmental issues in loans to developing countries, the World Bank announced. The banks will apply the principles globally and to financings in all industry sectors, including mining, oil and gas, and forestry, according to a World Bank statement. "In taking this step today, the adopting banks are doing something that financial institutions rarely do. They are stepping forward to take a leadership role on global environmental and social issues," said Peter Woicke, the IFC's executive vice president. "This is unprecedented ... even if you use an extremely conservative estimate, this will change the rules of the road for over 100 billion dollars in global investment over the next 10 years." The banks adopting the principles are ABN AMRO Bank and Rabobank of the Netherlands; Barclays PLC and Royal Bank of Scotland of Britain; US-based Citigroup, Inc.; French-based Credit Lyonnais; Credit Suisse Group of Switzerland; HVB Group and WestLB AG of Germany; and Westpac Banking Corporation of Australia. Together, these banks underwrote some 14.5 billion dollars of project loans in 2002, or 30 percent of those for developing countries, the World Bank said. Six more banks are expected to adhere to the principles in the coming weeks, according to World Bank officials. The Equator Principles are based on policies and guidelines of the World Bank and its arm for lending to poor countries, the International Finance Corporation (IFC). The guidelines were drafted in response to criticism that big projects were being financed in developing countries with little regard to the impact on local inhabitants. In the past, for example, ABN Amro for financing a controversial mining project in Indonesia and Citigroup for its role in the disputed Three Gorges Dam in China. The Equator Principles include guidelines on sustainable development and use of renewable natural resources; protection of human health, cultural properties, and biodiversity; avoiding use of dangerous substances; accepting standards for occupational health and safety; socioeconomic impacts; involuntary resettlement; and pollution effects, among other things. "At Barclays we take our social and environmental responsibilities seriously," said Chris Lendrum, head of Corporate Social Responsibility at the British bank. "We have long been aware of the sensitivities surrounding project financing and only lend when we are satisfied that environmental impacts are being managed in accordance with stringent environmental criteria. We have been pleased to work alongside other leading banks to adopt the Equator Principles, which gives us the opportunity to further formalize our commitment." Charles Prince, chairman and chief executive officer of Citigroup's Global Corporate and Investment bank, said, "We are extremely proud to be part of this voluntary, private-sector initiative and we are confident that we will see more and more banks active in project finance adopt these principles in the coming months." "Observing the highest standards of corporate citizenship and behavior not only benefits our business, but is the right thing to do" said Johnny Cameron, chief executive for corporate banking and financial markets at The Royal Bank of Scotland. "I am delighted that RBS is supporting this important initiative." Copyright © 2003 Agence France Presse. |
Institutions Which Have Adopted the Equator PrinciplesABN 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 Mailing ListClick here to start receiving press releases and other news about the Equator Principles.World Bank/IFC LinksWorld Bank Guidelines and Criteria Referenced in the Equator PrinciplesDevelopment Indicators Database IFC Guidelines and Policies Referenced in the Equator Principles Sector-Specific EHS Guidelines Performance Standards |
|
|
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
Polluters Clean Up Act to Attract Lenders, The Moscow Times, 12 October 2005
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
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
Banks' green pledge earns mixed response, swissinfo, 10 June 2003
Zehn Banken werden zu Umweltschützern, Die Tageszeitung, 5 June 2003 (in German)
Major Banks Endorse Equator Principles, The Peninsula, Qatar, 5 June 2003
Loan rules with an eye on nature, International Herald Tribune, 5 June 2003
IFC Head's Remarks at Equator Principles Press Conference, 4 June 2003