E+Co Adopts Equator Principles

Bloomfield, New Jersey - 30 October 2006

E+Co, the leading provider of services and capital to modern energy enterprises in developing countries, continued its tradition of socially and environmentally responsible business practices by joining 40 other international financial institutions in adopting the Equator Principles.

"For more than ten years E+Co has embraced the concepts that underpin the Equator Principles", said Phil LaRocco, E+Co Executive Director. "We are pleased to join with so many fine financial institutions in formally adopting these principles. Our mission is to empower energy enterprises. Our developing country entrepreneurs establish sustainable enterprises to improve the livelihoods of their local communities, in ways that are sound from a business, societal and environmental perspective. The Equator Principles are a natural step for them and for us." Full text of the Statement (265k)

 

Wachovia Announces Comprehensive Strategy Addressing Environmental Protection

Charlotte, NC – 26 October 2006

Strategy Includes Strong Commitments in Forest Protection and Climate Change.

Wachovia Corp. today announced a significant environmental strategy including comprehensive commitments in the areas of forest protection and climate change. The strategy encompasses several important initiatives, including a commitment to a 10 percent reduction in Wachovia’s carbon dioxide emissions by 2010.

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Scotiabank Adopts Revised Equator Principles, Renews Commitment to Environmental Risk Management and Sustainable Development

Toronto - 25 September 2006

Scotiabank announced today the bank has adopted the revised Equator Principles, a set of internationally recognized, voluntary project finance guidelines that establish social and environmental standards in the banking industry.

“Scotiabank is proud to take part in a common framework and language for environmental and social issues in the project finance industry,” said Rick Waugh, President and Chief Executive Officer, Scotiabank. “We are committed to supporting the communities in which we live and work.”

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The Revised Equator Principles

01 September 2006 - New York Law Journal, Stephen L. Kass and Jean McCarrol from Carter Ledyard & Milburn LLP

On July 6, 2006, 41 of the world's largest financial institutions released a revised set of the "Equator Principles," the much-anticipated new version of voluntary standards originally adopted in June 2003 by the Equator Principle Financial Institutions (EPFIs) as a benchmark for environmental and social responsibility in project financing, particularly in developing countries.

The revised Equator Principles are intended to complement the new "Sustainability Policies" of the International Finance Corp. (IFC), the World Bank affiliate that took the lead in encouraging an initial group of 21 EPFIs to launch the original Equator Principles. Read more 

 

Revised Equator Principles

29 August 2006 - IM International Mining

Underscoring the global application of environmental and social risk management, the Equator Principles Financial Institutions (EPFIs) have launched the revised Equator Principles. The institutions say the revision underscores 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 risks related to project financing.

The revised principles reflect the experience of the 40 financial institutions around the world that currently apply the Principles. The principles also reflect the recent revisions to the International Finance Corps (IFC) Performance Standards, upon which the Equator Principles are in part based. In developing these changes, the EPFIs actively involved clients, civil society groups and official development agencies, all of whom provided constructive and valuable feedback that the PFIs reviewed and considered in the revision process. Read more 

 

Caja Navarra Adopts Equator Principles

14 August 2006

Caja Navarra assesses credits of more than ten million dollars in social and environmental terms

The institution adopts the new version of the Equator Principles

Caja Navarra has adopted the new Equator Principles, a more demanding version of the benchmark which aims to apply environmental and social criteria to project financing. The Equator Principles are a voluntary initiative promoted worldwide by the International Finance Corporation (IFC), a member of the World Bank group. By adopting the Principles, financial institutions undertake to finance only those projects whose environmental and social risk comply with the criteria.

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Banca Intensa Adopts Equator Principles

Milano - 04 August 2006

Banca Intesa adopts Equator Principles, a system of guidelines that orient financial institutions in view of minimising social and environmental impact of international project finance activities.

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Bank of America, Caja Navarra and Banca Intesa adopt the revised Equator Principles

Amsterdam 28 July 2006

Another three EPFIs adopt the revised Equator Principles. Bank of America and Caja Navarra have announced their re-adoption of the Equator Principles and Banca Intesa newly adopted the EP. The EPFIs are pleased to have these institutions on board.

 

Banco Bradesco, Dresdner Bank and Manulife re-adopt Equator Principles

Amsterdam - 20 July 2006

In addition to the 33 financial institutions that already adopted the revised Equator Principles on July 6 (see press release on this site), three more financial institutions have adopted the revised framework in the meantime: Banco Bradesco, Dresdner Bank and Manulife. Moreover Unibanco explained its reasons for the re-adoption. All participating financial institutions commit to financing only those projects that comply with the revised Equator Principles, and commit to implementing these principles into business and risk management processes in a manner consistent with its organizational structure.

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IFC Launches New Sustainability Web Portal, Providing One-Stop Access to Its Sustainability Resources

Washington D.C. - 19 July 2006

The International Finance Corporation, the private sector arm of the World Bank Group, today launched its new Sustainability Web Portal. Responding to growing stakeholder interest, the portal connects visitors to IFC’s full range of sustainability products and services and explains the business case for sustainability – economic, financial, environmental, social, and related to corporate governance – with success stories from emerging markets.

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