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NIBC Bank adopts Equator Principles
NIBC Bank has adopted the Equator Principles, a globally-recognised benchmark for assessing and managing social and environmental risks in project finance. NIBC will apply the principles to project finance activities in all relevant sectors.
The Equator Principles promote socially responsible conduct and sound environmental practices in relation to project finance initiatives. The benchmark seeks to provide a framework against which lending can be assessed, applying to all new project finance arrangements above US$10m. By adopting the Equator Principles, NIBC commits to not providing loans to projects where the borrower cannot or will not comply with the social and environmental standards set out in Equator Principles policies and procedures.
NIBC has acted according to the Equator Principles for some time. Officially adopting the Principles therefore formalises what the bank already does in practice. The adoption is part of the bank's increasing efforts in the Corporate Sustainability arena. Earlier this year, for example, NIBC formalised a sustainablity policy framework that sets out environmental and social standards which clients are expected to meet. NIBC became a carbon neutral organisation and joined the global 10:10 campaign, an initiative to reduce carbon emissions by 10% in one year.
Jeroen Drost, CEO of NIBC Bank, said: "We take seriously our responsibility as a financial services provider. By adopting the Equator Principles, we are demonstrating even more clearly our commitment to interacting with clients in a responsible and sustainable way. We also expect our clients to meet the appropriate industry environmental and social market standards and market practices."
For more information on the Equator Principles, please see www.equator-principles.com