New Equator Principles Released Today!

This shows how far the financial sector has progressed in embedding in the project finance arena a common set of best practices to manage social and environmental issues related to the financing of development projects. However, so far only 33 of the original 40 financial institutions have signed up to the revised EPs and it will be interesting to see if any drop out all together over the comming weeks. The revised EPs have stronger requirements for environmental and social risk managment and also require the banks to have greater transparency in decision making. This may put some of the original banks off signing up to the revisions.

Those that have yet to announce whether they will sign up to the revisions include the following banks, (although many of these will simply have been unable to pass the revisions through their internal approval processes in time for the EPII launch):

  • Banco Bradesco
  • Banco Itau BBA
  • Bank of America
  • Caja Navarra
  • Dresdner Bank
  • JP Morgan Chase
  • Manulife
  • MCC
  • Scotiabank

It will also be interesting to see if any new banks adopt the principles now that the revisions are finallised and they can be certain as to precisely what they are signing up to. The Press Release can be found at: http://www.equator-principles.com/documents/EP_Readoption_Press_Release_FINAL.pdf

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