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' green pledge earns mixed response
SWISSINFO, June 10, 2003
By Marie-Christine Bonzom and Karin Kamp
Aid agencies have welcomed last week's decision by nine banks -
including Credit Suisse - to sign up to a new set of environmental
guidelines.
However, they fear the so-called "Equator Principles", which apply to the funding of future development projects, may never be put into practice.
Caroline Morel, executive director of the Bern-based non-governmental organisation, Swissaid, conceded that the guidelines were a step in the right direction.
But she cast doubt on whether they were as big a breakthrough as they initially seemed.
"I think in general it's a good sign," Morel told swissinfo. "But there are a lot of questions still open, especially because it's not clear how the implementation will work."
"We don't know about the monitoring mechanisms, and it's very important if you have some principles that you control them and can really prove that they are implemented," she added.
World Bank
The Equator Principles, based on recommendations by the World Bank and the International Finance Corporation, are to be applied to all projects costing over SFr66 million ($50 million).
The guidelines state that the signatory bank must ensure potential candidates for funding can prove that their project meets certain criteria, including respect for the environment and indigenous
communities.
Banks have come under criticism from aid organisations and environmental groups in the past for financing controversial projects such as oil pipelines, mines and dams, which have had a damaging effect on local biodiversity and people.
Among the other banks that have adopted these principles are
Citigroup of the United States, Barclays in the United Kingdom, and
Dutch bank ABN Amro.
Saving face
In making their business practices more ethical, banks are also protecting their own reputations and, potentially, avoiding damaging lawsuits.
Bernd Schanzenbacher, who is responsible for environmental issues at
Credit Suisse First Boston, says that by adopting the principles the
bank will lessen the risk of litigation over any damage ensuing from
projects it funds.
"Environmental risk is business risk, it's as simple as that," he told swissinfo. "So our ignorance of environmental risks can lead to costly litigation, but it can also lead to negative publicity and even revenue reduction."
No guarantees
Schanzenbacher also admits the principles have their limitations and don't offer a guarantee that all future projects won't damage the local area.
"Every economic activity has an impact on the environment, so there are no hard and fast rules on whether a project is sensitive or not," he said.
So far only ten banks have adopted the principles, although a further six are expected to join in the next few weeks, according to the World Bank.
Switzerland's largest bank, UBS, has not adopted the guidelines. When contacted by swissinfo, UBS spokesman, Serge Steiner, said the bank had not signed up to the Equator Principles because it is not involved in financing international projects.
Copyright © swissinfo 2003. All Rights Reserved.
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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
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IFC Guidelines and Policies Referenced in the Equator Principles
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