Citi, BofA, JPMorgan Chase and Wells Fargo leave framework that assesses environmental, social and governance (ESG) financing
Four of the world’s biggest banks have left the Equator Principles, a set of minimum industry standards and safeguards for financial institutions to address environmental and social risks in countries where they finance fossil fuel and mining projects.
The Equator Principles have been around for more than two decades, and while not enforceable, they provide a basic framework of environmental standards that banks agreed would underpin financing deals on pollution-causing extractive projects.
About Author
More Stories
Hyundai facing legal action over car that can be stolen ‘effortlessly in seconds’
Canadian company in negotiations with Trump to mine seabed
China looks south as it seeks to reduce reliance on a capricious United States