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Third time lucky for the Equator Principles?
17 August 2012
The draft of the third version of the Equator Principles is out for comment, with an expanded scope and tougher disclosure requirements. Sponsors will be key to determining how effective they are.
Six years after its last update, a third update to the Equator Principles (EP) has been released for stakeholder consultation. Member institutions began discussions on the proposed changes to the principles in July last year, with the aim of broadening their impact and improving disclosures under the voluntary project finance code.
The third update to the Equator Principles is the culmination of a long process says Leonie Schreve, director, head of environmental and social risk at ING and chair of the EP association steering committee, We wanted to reflect new standards and changes in the market place, particularly changes to the IFC [International Finance Corporation] performance standards and UN guiding principles on business and human rights, as well as address the findings of our own internal strategic review.
The principles are a framework for identifying, assessing, and managing environmental and social risks in project finance...
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