Korea Development Bank: The First Korean Bank to Adopt the Equator Principles
Seoul, 02 January 2017
Korea Development Bank (KDB) announced its adoption of the Equator Principles, a globally recognized benchmark for determining, assessing and managing environmental and social risk in bank financed projects. As a first mover in the Korean finance industry to uphold environmental and social safeguards in project financing, KDB sets a standard for domestic institutions in promoting sustainable development and corporate responsibility.
KDB is the first bank headquartered in Korea to adopt the Equator Principles, joining a group of 87 financial institutions worldwide representing over 70 percent of international project finance debt in emerging markets. KDB’s adoption of the Equator Principles reaffirms its commitment towards sustainable finance and demonstrates a substantial progress in integrating international best practices into its fast-growing project financing business.
The Equator Principles are a voluntary set of standards that were developed by leading financial institutions in 2003, under the objective of ensuring that projects are developed in a socially responsible manner and reflect sound environmental management practices. The third edition of the Equator Principles which went into effect in 2013 extends its application from project finance and advisory services to project-related corporate loans and bridge loans.
Over the course of the year, KDB will refine and test its internal policies and procedures to ensure compliance with the Equator Principles. Such efforts are expected to strengthen the institutional risk management capacity and bring KDB closer to its financial partners that have already endorsed the Equator Principles.
KDB is a wholly state-owned bank that was founded with the purpose of supplying and managing industrial capital to expedite economic development in the Republic of Korea. As the nation’s leading financial institution, KDB has fostered growth and heightened competitiveness of Korea’s strategic industries by meeting their changing financial needs. KDB covers a variety of financing activities, including investment and corporate banking for promotion of industrial activities and expansion of social infrastructure.
OP Financial Group Adopts the Equator Principles
Helsinki, 16 December 2016
Equator Principles (EP) is a voluntary commitment applied in project finance to manage risks related to environmental issues and social responsibility. The EP has been signed by 87 Equator Principles Financial Institutions (EPFIs) in 36 countries, representing more than 70% of international project finance debt in emerging markets.
The EP aims to reduce the negative impacts of financed projects on climate, local communities and people. While the EP does not directly restrict a financial institution's participation in projects, it supports the due diligence of projects as well as consideration of social and environmental impacts in the decision-making phase.
Although OP annually participates only in a couple of EP-based project finance cases, committing to key international responsibility frameworks forms an important part of OP's corporate social responsibility actions.
Bankinter adheres to the Equator Principles initiative
Madrid, 12 December 2016
Bankinter has adhered to the Equator Principles, an international, baseline initiative within the financial sector to assess and manage environmental and social risks in projects that require financing.
These voluntary guidelines apply to project finance transactions for 10 million dollars or more, and to corporate loans for projects costing over 100 million dollars.
Several financial institutions were the driving force behind these principles in a coordinated effort with the International Finance Corporation, a World Bank agency.As of today, 85 financial sector companies worldwide have signed and adopted them.
In adhering to these principles, Bankinter undertakes to report each year on its processes to implement and monitor them in its annual report and on its corporate website.
This initiative falls within the bank's "3 en Raya" (in English,'Three-in-a-Row') sustainability plan, which aims to align business with the management of financial, social and environmental issues.
ICO Signs Up To The Equator Principles
Madrid, 26 October 2016
ICO's General Board approved the institution's decision to become a signatory to the Equator Principles at its meeting on Friday 21 October, as part of the framework of commitments in its CSR and environmental policies.
Banco Votorantim Adopts the Equator Principles
São Paulo, 30 June 2016
Banco Votorantim has become signatory of the Equator Principles, a risk management framework, adopted by financial institutions, for determining, assessing and managing environmental and social risk in projects and is primarily intended to provide a minimum standard for due diligence to support responsible risk decision-making. The voluntary decision of Banco Votorantim supports the Social and Environmental Sustainability and Responsibility Policy (PSRSA) that guide its activities and operations. Banco Votorantim is the 5th Brazilian bank to become signatory, representing 85 institutions worldwide.
“In adopting the Equator Principles, Banco Votorantim reaffirms the commitment already demonstrated by establishing ethical, transparent and everlasting relationships that make a difference and add value where we operate, considering the economic, social, environmental and human aspects in our processes and business”, says João Roberto Gonçalves Teixeira, CEO of Banco Votorantim.
Svenska Handelsbanken AB (publ) Adopts the Equator Principles
Stockholm, 23 June 2016
Svenska Handelsbanken AB (publ) has adopted the Equator Principles, a global framework to promote sustainable environmental, social and human rights decision-making in financing projects.
UK Export Finance Adopts the Equator Principles
London, 31 March 2016
UK Export Finance (UKEF) has announced that it has adopted the Equator Principles, a global framework to promote sustainable environmental, social and human rights decision-making in financing projects.
Louis Taylor, UKEF’s Chief Executive Officer, welcomed the move, saying:
‘In adopting the Equator Principles, UKEF joins export credit agencies and international financial institutions including numerous partner banks with which UKEF works frequently.
‘This global framework will give UK exporters supported by UKEF confidence that environmental, social and human rights issues, that may carry ethical or reputational risk have been given consideration as part of UKEF’s support to relevant projects. In adopting the Equator Principles, we do not anticipate any additional administrative burden to UK exporters applying for export finance support.
‘UKEF becoming an Equator Principles Institution is in line with the UK government’s drive to promote sustainable business practices following the agreement of the Sustainable Development Goals at the UN General Assembly last year.’
Sumitomo Mitsui Trust Bank, Limited Signs the “Equator Principles”
Tokyo, 1 February 2016
Sumitomo Mitsui Trust Bank, Limited (President: Hitoshi Tsunekage; hereinafter “SuMi TRUST Bank”), which is a subsidiary of Sumitomo Mitsui Trust Holdings, Inc. (President: Kunitaro Kitamura; hereinafter “SuMi TRUST Holdings”), today announces that it has become a signatory to the “Equator Principles”, which is the international framework for environmental and social risk management involved in project financing.
SuMi TRUST Group considers that the effect on the environment and society exerted by its investments and loans to customers is the most important issue affecting both the corporate value of the group as well as its influence on society.
E.Sun Bank Adopt the Equator Principles
Taipei, 28 December 2015
In an effort to protect the environment for the next generation, E.Sun Bank adopted the Equator Principles (EP) today (28 December 2015), becoming the 82nd Equator Principles Financial Institution (EPFI) in the world, and will leverage its expertise and influence to protect its beautiful homeland.
“As an EPFI, E.Sun Bank will enhance its environmental and social assessment processes for project finance loan evaluation, to ensure the approved loan project will not have significant potential risk or negative impact on the environment and society” said Joseph Huang, President of E.Sun Bank.
NBAD becomes first UAE bank to join the Equator Principles Association
Abu Dhabi, 20 September 2015
National Bank of Abu Dhabi (NBAD) has adopted the Equator Principles (EP), an internationally-recognised benchmark in the financial industry for identifying, assessing and managing environmental and social risk in bank financed projects.
NBAD is the first bank in the UAE to sign up to EP, a voluntary set of guidelines based on International Finance Corporation (IFC) standards on social and environmental sustainability, and on the World Bank Group's Environmental, Health and Safety general guidelines.