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Datum nieuwsfeit: 08-05-2008
Equator Principles vieren lustrum van milieu-besparingen en verbeterde bedrijfspraktijken
( BW)(DC-EQUATOR-PRINCIPLES) Equator Principles Celebrate Five Years
of Positive Environmental Impact and Improved Business Practices
In 2007 US$52.9 billion of project finance debt in emerging market
economies was subject to the Equator Principles
Business Editors/Environment Writers/Government Writers
WASHINGTON--(BUSINESS WIRE)--May 8, 2008--Sixty of the world's
leading financial institutions today mark the fifth anniversary of the
Equator Principles (EPs), voluntary standards for financial
institutions to manage environmental and social risk in their project
finance transactions.
The EPs have become the global standard for project finance and
have transformed the funding of major projects globally. In 2007, of
the US$74.6 billion total debt tracked in emerging markets, US$52.9
billion was subject to the EPs, representing about 71 per cent of
total project finance debt in emerging market economies, according to
Infrastructure Journal.
The EPs are now considered the financial industry 'gold standard'
for sustainable project finance. The Principles were revised in June
2006 to reflect current implementation experience including
introduction of a public reporting requirement, as well as changes
made by the International Finance Corporation (IFC) to its
environmental and social standards. They continue to evolve as more
sophisticated funding is undertaken.
An Outreach Committee has been formed and is actively engaged with
banks in China, Russia, India and other key emerging markets.
Stakeholder engagement remains an important element of the EP's
implementation and the group regularly meets to share experiences with
various stakeholders.
Governance procedures previously handled on an informal basis are
now being formally instituted to ensure long-term viability and ease
of management of the Equator Principles Financial Institutions
(EPFIs). These include formalizing the EPFI's operating structure,
voting procedures and annual meeting arrangements, and monitoring of
fulfillment of the public reporting requirement. The EP website
continues to be developed to provide greater transparency. The EPFI's
management structure is now posted on the website along with direct
links to the annual reports of 53 financial institutions describing
their implementation experience.
The EPs' success lies in the cooperation and trust among the
participating financial institutions working to achieve a common good.
Institutions implement the EPs independently, always maintaining
client confidentiality, while sharing best practice, to ensure an
evolving and improving standard.
Although limited to project finance, the EPs have helped spur the
development of other responsible environmental and social management
practices in the financial sector and banking industry. Other business
areas have benefited from the spillover effect improving environmental
outcomes throughout the banking industry. For example, in the US
several banks recently announced their adoption of the Carbon
Principles to manage carbon risk in thermal power investments.
The EPs have promoted convergence around common environmental and
social standards. Multilateral development banks, including the
European Bank for Reconstruction & Development (EBRD), and export
credit agencies through the OECD Common Approaches are increasingly
drawing on the same standards as the EPs. Such convergence will result
in improved environmental and social outcomes as project sponsors
begin implementing these standards from the earliest stages of project
planning and design.
When first launched in June 2003 in Washington DC, 10 initial
adoptees agreed to lend only to those projects where the borrower
provided evidence of compliance with these standards, and committed to
developing them in a socially responsible manner and according to
sound environmental management practices.
The financial institutions agree that they will "not provide loans
directly to projects where the borrower will not or is unable to
comply with our environmental and social policies and procedures." The
60 institutions that today apply the EPs recognize their role and
responsibility for promoting sustainable investment. The EP framework,
based on environmental and social standards of the International
Finance Corporation (IFC), the private sector arm of the World Bank
Group, now apply to projects with capital costs above USD10 million.
These 60 financial institutions constitute a broad cross-section
of the financial industry including most of the world's major banks as
well as insurance companies, bilateral development agencies, and
export credit agencies. They also represent a wide geographic
distribution coming from all continents and include banks from
Argentina, Brazil, Chile, Uruguay, Togo, South Africa and Oman.
Note to editors:
Full text of the EPs is available at www.equator-principles.com
including translations in Chinese,
French, Japanese and Russian. Translations in Portuguese and
Spanish will follow.
The full list of Equator Principle Financial Institutions are:
http://www.equator-principles.com/
For Frequently Asked Questions about the Equator Principles, go
to:
http://www.equator-principles.com/faq.shtml
--30--CD/ny*
CONTACT: Barclays
Robin Tozer, +44 (0) 207 116 4755
robin.tozer@barclays.com
or
WestLB
Connie Kain, +1 212 597 1439
connie_kain@westlb.com
or
Citi
Valerie Hendy, +1 212 559 3362
hendyv@citi.com
or
ING
Debbie Brand, +31 20 541 6526
debbie.brand@ing.com,
Disclaimer: Deze bekendmaking is officieel geldend in de originele
brontaal. Vertalingen zijn slechts als leeshulp bedoeld en moeten
worden vergeleken met de tekst in de brontaal welke als enige,
juridische geldigheid beoogt.