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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Banks club together to turn their notes green
THE AGE, June 22, 2003
A new code of conduct provides stricter guidelines for projects in developing countries.
Can banks make money protecting the environment and powerless
communities? The world's largest financial institution thinks so, and
is trying to use its financial muscle to reduce the damage from dams,
power stations, mines and other infrastructure projects.
Citigroup and nine other international banks this month adopted the
Equator Principles, a code of conduct requiring them to follow
standards laid down by the World Bank for infrastructure projects.
Led by Chris Beale, an Australian who is Citigroup's head of project
finance, the banks have vowed to cut off money to companies that
break the rules, including independent studies for the most sensitive
projects.
The move follows environmental group criticism of banks for harming
developing countries by funding destructive development projects.
So far, only one Australian bank, Westpac, has signed on.
But Mr Beale predicts another six banks will sign up within two
months, with 25 signatories in a year. "I would like to see more
Australian banks come on board," he said. "Not only is it the right
thing to do but there is a business proposition for it."
Mr Beale, a protege of World Bank president James Wolfensohn, argues
that the rules help projects get approved faster and reduce the
damage to banks' reputations when projects go wrong.
Citigroup and the other signatories provide about 30 per cent of the
financing for the world's infrastructure projects and say they are
prepared to withdraw money during construction if the rules are not
followed.
"We will not provide loans directly to projects where the borrower
will not, or is unable to, comply with our environmental and social
policies and processes," the principles say.
Environmental groups have welcomed the agreement but are cautious
about how it will work.
"It is going to be really hard for a bank like Citigroup, which is
really committed to make the Equator Principles work, when you have
to question what these (other) banks' commitment is," Michelle Chan-
Fishel, a program manager for Friends of the Earth, said.
Among the first tests will be the $A4 billion Camisea natural gas
project in Peru, which cuts through the Amazon rainforest. Friends of
the Earth and other groups have asked Citigroup to withdraw its
support for the two pipelines, wells and processing plant, which are
slated to be built in a region with 198 species of bird per hectare,
118 varieties of fish and 152 plant species.
The groups say equipment has fallen from helicopters into populated
areas, drunk workers have entered isolated communities that had
little previous outside contact and some indigenous women have
resorted to prostitution.
Citigroup points out that it helped the developers respond to the
concerns by arranging meetings with local and international groups.
The United States and Argentinian developers have agreed to ship in
workers and equipment by helicopter, avoiding building damaging
roads.
They have also agreed to build the gas plant in an area that has
already been deforested by farmers.
The pipelines will be buried under the ground and covered by trees.
Copyright © 2003 The Age Company Ltd |
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
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