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The Equator Principles - banks in Oz & Standing Rock

framework for decision-making on environmental and social issues

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robert99 robert99 Sweden Posts: 1360
1 21 Oct 2017
http://equator-principles.com/index.php/
The Equator Principles is a risk management framework, adopted by financial institutions, for determining, assessing and managing environmental and social risk in projects.

It is primarily intended to provide a minimum standard for due diligence to support responsible risk decision-making.

Currently 91 Equator Principles Financial Institutions (EPFIs) in 37 countries have officially adopted the EP, covering over 70 percent of international Project Finance debt in emerging markets.(see for list of members http://equator-principles.com/index.php/members-reporting )

The EPs have greatly increased the attention and focus on social/community standards and responsibility, including robust standards for indigenous peoples, labour standards, and consultation with locally affected communities within the Project Finance market. They have also promoted convergence around common environmental and social standards. Multilateral development banks, including the  European Bank for Reconstruction & Development , and export credit agencies through the OECD Common Approaches are increasingly drawing on the same standards as the EPs.

The EPs have also helped spur the development of other responsible environmental and social management practices in the financial sector and banking industry (for example,  Carbon Principles in the US,  Climate Principles worldwide) and have provided a platform for engagement with a broad range of interested stakeholders, including non-governmental organisations (NGOs), clients and industry bodies.

(Australian members Australia and New Zealand Banking Group Limited (ANZ), Commonwealth Bank of Australia, Efic, National Australia Bank Limited, Westpac Banking Corporation)

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From People’s Action https://peoplesaction.org

We knew we were fighting big money when we stood with the Standing Rock Sioux Tribe to defend their sovereign right to protect their land and water.

The Dakota Access Pipeline was being funded by dozens of powerful banks—Citibank, Wells Fargo, and Chase among them. These banks chose to put their money towards the destruction of Native communities.

Now imagine if banks committed to financing environmentally sensitive projects rather than climate disasters. Imagine if they chose to uphold the dignity of Indigenous people instead of funding projects that violate their tribal sovereignty and Mother Earth.

The fact is: these banks have already made such a commitment. It’s called the Equator Principles.

These “Equator banks” from all across the world (including the three banks mentioned above) promised to avoid or minimize social, environmental and climate impacts of their projects. They also committed to respecting the rights and interests of Indigenous communities affected by them.

And yet, we saw what happened in North Dakota. We saw what happened in Honduras, where Berta Cáceres was murdered for leading the Lenca people’s opposition to the Agua Zarca hydro project.

The 91 financial institutions from 37 countries signed onto the Equator Principles must decisively end the financing of environmental and anti-Indigenous violence.

They’re meeting again on October 23rd, in just three days.

It’s time for these banks to put their money where their mouths are. Demand they fund transformative projects, not ones that feed climate disasters and violate Indigenous peoples’ rights and land.

see https://petitions.signforgood.com/EquatorBanksAct/
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jennie jennie Australia Posts: 4
2 25 Oct 2017
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