Banks| Policies| Dodgy Deals| Campaigns
About us| Blog| Publications| Successes| Contact us| Donate
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2023-01-23 00:00:00
Berta Cáceres: new rules for banks could help stop defender killings
2023-01-16 00:00:00
In the balance: Why European due diligence legislation must cover financial services
2022-12-08 00:00:00
Exposed: Western banks funding Qatar’s carbon bombs
2022-12-08 00:00:00
Right-wing attack on sustainable finance is the latest form of climate denial
2022-12-14 11:08:26
HSBC announces it will no longer finance new oil and gas fields
2022-10-13 15:56:39
More major banks and insurers refuse to support EACOP
2022-09-16 10:38:48
European Parliament passes emergency resolution against human rights violations & environmental threats linked to EACOP
2022-06-27 09:49:16
Crédit Agricole takes first step to phase out from the oil and gas sector
Connect
2022-11-22 00:00:00
Banking on Thin Ice: Two years in the heat
2022-11-17 00:00:00
BankTrack Global Human Rights Benchmark 2022
2022-10-21 00:00:00
Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
2022-04-05 00:00:00
The BankTrack Human Rights Benchmark Asia
2022-03-30 00:00:00
Banking on Climate Chaos 2022
See all publications
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Home › News
Civil society groups call for an accountability mechanism for the Equator Principles
Start

By: BankTrack & Accountability Counsel
2019-08-27

Share this page:

Equator Banks, Act!. Photo: Logo: BankTrack Photography Rob Wilson / Ververidis Vasilis - Shutterstock
Go to:
Start

Seventy-nine civil society organisations and partners have submitted a joint statement to the Equator Principles Association (EPA) and signatory banks expressing disappointment that the current review process of the Equator Principles does not go far enough to strengthen accountability and ensure access to remedy. With the EPA currently revising the fourth iteration of the Equator Principles, the “EP4” review should be a moment of ambition for advancing accountability in project finance.

The Equator Principles is a risk management framework for determining, assessing, and managing environmental and social risks in project finance. It is currently adopted by 97 financial institutions, including private sector banks and several national export credit agencies, known as Equator Principles Financial Institutions (EPFIs). Currently, there is no requirement for EPFIs to establish accountability offices themselves or for the EPA to create a centralized accountability office to address grievances and harms relating to EPFI financing.

The joint statement calls upon the EPA to launch a formal process to develop an EPA-level accountability office to which project-affected people and other legitimate stakeholders can raise instances of alleged non-compliance with the Equator Principles. Establishing a central and independent accountability office at the initiative level is not only necessary for the Equator Principles to meet the standards laid out in the UN Guiding Principles on Business and Human Rights, but also to effectuate the Equator Principles’ intended role as a tool for improved due diligence, risk management, and continuous institutional learning.

The joint statement, coordinated by Accountability Counsel and BankTrack, was signed by 79 partners including Amazon Watch, BIC Europe, CEE Bankwatch, Center for International Environmental Law (CIEL), Centre for Research on Multinational Corporations (SOMO), Greenpeace, Global Witness, Fair Finance Guide International, Inclusive Development International (IDI), International Corporate Accountability Roundtable (ICAR), International Rivers, Oxfam, Sierra Club, and Women's Earth and Climate Action Network International (WECAN).

The joint statement is a culmination of years of persistent advocacy by civil society groups to urge the EPA to recognize the importance of accountability for harm caused by EPFIs. As the Equator Principles is now undergoing a review process, the EPA has an opportunity to heed the calls of civil society and effectively ensure that problematic projects financed by EPFIs that result in environmental and human rights issues can be addressed through the creation of an accessible, centralized, independent accountability office at the EPA. Read the full statement here.

Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Vismarkt 15
6511 VJ Nijmegen
The Netherlands

Tel: +31 24 324 9220
Contact@banktrack.org
©2016 BankTrack                Webdesign by BankTrack and EASYmind
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted