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China's Industrial Bank To Adopt Equator Principles
November 6, 2008 |
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| Category: Business & Society
The Industrial Bank Company has officially announced that it will adopt Equator Principles, reportedly the first financial institution in China to do so.
The Equator Principles are a voluntary set of guidelines based on the International Finance Corporation's performance standards for the financial industry to determine, assess, and manage environmental and social risks in project financing. Currently more than 60 financial institutions have announced that they will accept the Equator Principles, and these banks are estimated to arrange about 85% of project financing worldwide.
"As a leading commercial bank in China, Industrial Bank's adoption of the Equator Principles is a step forward for the Chinese banking industry," said IFC Executive Vice President and CEO Lars Thunell. IFC will continue to provide strategic suggestions and technology support for Industrial Bank to implement the EPs, helping the bank strengthen its core competitiveness and improve the long-term value of the customer, he added. IFC is committed to helping more Chinese financial institutions to gain sustainable development through cooperation with the Chinese government on green credit policies.
Being one of the first commercial banks in China to be aware of emission reduction and green credit, IB has been devoting itself to the development of sustainable finance, and has won a series of awards for green banking. Now IB is ready to observe the requirements of the Equator Principles, to set up internal policies and procedures in compliance with Equator Principles, and to conduct due diligence research on social and environmental issues in project financing.
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