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