Equator Principles III comes into effect
5 June 2013 - King & Wood Mallesons, Mark Beaufoy and Jeff Clark
A new version of the Equator Principles came into effect yesterday. The new Equator Principles have been extended in scope and impose new requirements on financial institutions and export credit agencies. For the first time, they include express requirements regarding human rights. Read More.
New Equator Principles to have deeply underwhelming impact on people and planet
4 June 2013 - BankTrack
The long awaited new, third version of the Equator Principles (EP III) (1) will have a deeply underwhelming impact on safeguarding the rights and interests of communities affected by ‘Equator compliant‘ projects, as well as on efforts to stop runaway climate change. Thus concludes BankTrack, the global network of NGOs closely monitoring the Principles since their inception in 2003, at the formal launch of EP III, today in Amsterdam at the 10th Anniversary Conference of the Equator Principles. Read More.
Equator Principles Financial Institutions and Stakeholders Mark the 10th Anniversary of the Equator Principles
4 June 2013
Equator Principles Financial Associations (EPFIs) today gathered in Amsterdam to celebrate the 10th anniversary of the Equator Principles, and the launch of the latest iteration of Equator Principles - EP III. EPFIs were joined by a range of stakeholders, including clients, NGOs, specialist consultants and the media.
Leonie Schreve, Chair of the EP Association Steering Committee and Head of Sustainable Lending at ING who hosted today's event said,
"The 10th anniversary and launch demonstrates the strength of Equator Principles as global environmental and social risk management standard. Today sees the launch of EP III which will mean important environmental and social risk considerations can be applied to even more deals. EP III was supported by an overwhelming majority of our members, and we're also seeing more financial institutions adopting, with our first members from Russia and India adopting in recent weeks."
For further information on go to Equator Principles III
IDFC becomes the first Indian Financial Institution to join the Equator Principles Association
Mumbai, 3 June 2013
IDFC Limited announced its adoption of the Equator Principles, an internationally accepted credit risk management framework for determining, assessing and managing environmental and social risk in Project Finance transactions.
Project Finance Group Client Alert: The Equator Principles: How Will The Revisions Impact You?
31 May 2013 - Milbank - Matthew Ahrens, Paul Murphy
The third revision (EP III) of the Equator Principles (EPs) will be launched on June 4, 2013, and it will affect applicable transactions signed on or after January 1, 2014. The EPs will continue to function in a substantially similar manner, but the EP III has, among other things, made the EPs applicable to a wider slate of transactions, expanded the scope of underlying review, and imposed additional disclosure and reporting obligations. Read More.
Equator Principles — EP III released
31 May 2013 - The Lawyer, Allen & Overy
On 14 May 2013, the Equator Principles Association announced the adoption of the revised Equator Principles (EP-III), which will take effect from 4 June 2013. If you are a financial institution that has adopted the Equator Principles (an EPFI) or a project sponsor that will be seeking finance for a project after 4 June 2013, you should be aware of the changes introduced by EP-III so that steps can be taken to integrate these requirements into existing environmental and social impact assessment and management systems at an early stage — avoiding delays in the financing process. Read More.
Equator Principles III Enters Into Force This June
28 May 2013 - Shearman & Sterling LLP, Christophe Asselineau et al
In the last 10 years, the Equator Principles or EPs have emerged as the industry standard for financial institutions to assess social and environmental risk in the project finance market. The EPs — which are based on the International Finance Corporation or IFC’s performance standards on social and environmental sustainability and the World Bank’s environmental, health and safety guidelines — have significantly increased attention on social/community responsibility, including as related to indigenous peoples, labour standards, and consultation with locally affected communities. Read More.
Equator Principles III released
24 May 2013 - Herbert Smith Freehills, Paula Hodges and Laurence Shore
The Equator Principles Association (EPA) has released the third version of the Equator Principles (EPs) for managing environmental and social risks in financing projects. They are largely the same as the draft EPs released for public consultation in August 2012 ... , but there have been some changes of which lenders and borrowers should be aware, particularly in relation to express exclusions of certain financial instruments from scope, relaxed public disclosure requirements, and human rights due diligence. The new EPs will come into effect on 4 June 2013, but the EPA will allow the previous version of the EPs to be used where the arrangement mandate is signed before the end of 2013. Read More.
EP needs to get to next level
21 May 2013 - Project Finance International
The third version of the Equator Principles, EP III, has been published following an extensive consultation exercise that looked at all the workings of the ... Read More.
Banco Popular Joins the Equator Principles
Madrid, 20 May 2013
Banco Popular has joined the Equator Principles, a voluntary set of guidelines for the inclusion of social and environmental criteria in the risk management process of Project Finance transactions of more than 10 million US dollars. These principles have been promoted by various entities from the financial sector in coordination with the International Finance Corporation’s (IFC) Performance Standards on Environmental and Social Sustainability.