ifc performance standards and equator principles

London. They are an evolving initiative, The Review's findings and recommendations will help the Association prepare for a likely update of the Equator Principles later in 2011 following the conclusion of the IFC Performance Standards Review and Update process. For project . Principal Environmental & Social Specialist. developed to establish a proper framework for neutral offset and net gains as per the IFC Performance Standards. The IFC Performance Standards, as revised in January 2012, provide project participants with instruments to structure, design, construct and manage the operations of projects in an environmentally and socially acceptable manner, while identifying measures to avoid or mitigate adverse impacts resulting from the projects. Standards for effective and genuine stakeholder consultation and participation are presented throughout in the Equator Principles and IFC Performance Standards. prepared in accordance with the "IFC Performance Standards and Guidelines of the World Bank Group" and in accordance with the Iraqi Environmental Legislation. When the Equator Principles were first created, they were based on another set of well-known international sustainability standards: the International Finance Corporation, or 'IFC', Performance Standards. not in line with new IFC Performance Standards of 25,000t CO 2. • IFC Performance Standards on Environmental and Social Sustainability (IFC Performance Standards), 20126, and; • Equator Principles 4, July 2020, to the extent applicable to the project. 2. Process reflecting environmental, health, safety, social and human rights (ESHR) impacts pursuant to the Common Approaches and Equator Principles. +44 (0) 207 242 3243. The FirstRand ESRA process is designed and aligned to international . Project: 1. guidelines can be found on the IFC Sustainability Framework webpage. These are utilized globally in the private sector as benchmarks for environmental and social risk management. The PS also provides performance indicators and validation methods for ensuring free, prior and informed consultation. of the IFC as described in the attachment to these Principles (Exhibit I). Equator Principles Requirements. IFC Performance Standards comprises of 8 standards related to the development of an environmental and social risk management system by the . You will be redirected to the full text document in the repository in a few seconds, if not click here.click here. The International Finance Corporation (IFC) Performance Standards (PS) and Equator Principles (EP) (considered as one standard for the purpose of this research), Envision and the UN SDGs. 2012 REVISED (2016) OECD COMMON APPROACHES & 2020 EQUATOR PRINCIPLES 4 . It is primarily intended to provide a minimum standard for due diligence to support responsible risk decision-making. 12. Equator Principles implementation in Intesa Sanpaolo - 1 Adoption Operating Guide for the implementation of EPII Training activities in Italy and abroad THE "EQUATOR PRINCIPLES" . The Equator Principles are based on IFC's Performance Standards and apply to projects that exceed $10 million. It analysed several investment principles, including the IFC performance standards and the Equator Principles (EPs), a set of international standards for reducing environmental and social harm adopted by 72 export credit agencies and private commercial banks that is based on the IFC framework. The final text of Principle 5 requires a consultation process between the client and the indigenous community. The PSs define clients' roles and responsibilities for managing their projects and the requirements for receiving and retaining the IFC support. standards applicable under the World Bank and IFC Pollution Prevention and Abatement Guidelines (Exhibit III) and, for projects . 1UK Export Finance (UKEF) determines whether applications for support fall within the scope of the OECD Common Approaches and Equator Principles for funding. As of July 2019, 96 Equator Principles Financial Institutions (EPFIs) from 37 countries have adopted the Equator Principles . The Equator Principles are a risk management framework, created and adopted by financial institutions, for determining, assessing and managing environmental and social risks in financing projects. Under EP4, Equator Principles Financial Institutions (EPFIs) will evaluate the specific risks of Projects located in Designated Countries to determine whether one or more IFC PS should be used to . Project Finance Advisory Services where total Project capital costs are US$10 million or more. WC2A 1JE. MDB . Petar has over 10 years of leading experience in the field of Corporate Sustainability and Governance. International Finance Corporation's (IFC) environmental and social safeguard policies and guidelines. IFC's performance standards on Environmental and Social Sustainability ("Equator Principles (EPs)") are a set of voluntary guidelines used in assessing and managing social and environmental risks in project financing. The IFC applies the International Finance Corporation . AMDA provides consulting services to private clients, governments, and Lenders interested in project risk- reduction and management, red-flags assessments for acquisitions (environmental and social due-diligence), and project and operations alignment with the International Finance Corporations Performance Standards (IFC-PS) and Equator Principles. In addition, At a project level, this means: george staicu's serie on "best practices in sustainable green blue finance and climate risk management": the equator principles - a fundamental standard and framework for environmental and . performance " (Equator Principles 2003, . The IFC's Performance Standards on Social and Environmental Sustainability (Referred to as Performance Standards hereinafter) is an environmental and social risk management tool provided by the IFC for its investment and financing clients, and is also one of the major applicable standards of the Equator Principles. The Equator Principles. › The Multilateral Investment Guarantee Agency (MIGA) › The World Bank applies IFC's Performance Standards . An Equator Principles Action Plan was proposed and accepted by the client to ensure the project will be developed and operated in accordance with all applicable standards. performance " (Equator Principles 2003, . The Equator Principles requires compliance with the IFC Performance Standards,the World Bank Group Environmental, Health and Safety (EHS) Guidelines and with the host country laws, regulations and permits. These standards are: • assessment and management of environmental and social risks and impacts; • labour and working conditions; Equator Principles and IFC Performance Standards The Equator Principles are a set of ten voluntary social and environmental principles which must be met to satisfy the conditions of lending. The Equator Principles have long been based on the performance standards and related guidelines developed by IFC. The ESRM guidelines have been drafted by experts at IFC and NRB using global standards, including IFC's Performance Standards and Equator Principles, and finalized through an intense process of consultations with bankers' associations and development partners. BSc (Hons), ACSM, MSc, GradIEMA. The EPs apply globally, to all industry sectors, and are focused on risk management for projects financed by the financial . The Equator Principles, launched in 2003 and now adopted by 101 financial institutions from 38 countries, were based on IFC's Performance Standards. In . Equator Principles Association Adopts Equator Principles 4 By Latham & Watkins LLP on December 17, 2019 Posted in Environmental Regulation, Environmental, Social and Governance. IFC Performance Standards on Social and Environmental Sustainability, 2012 . › The Multilateral Investment Guarantee Agency (MIGA) › The World Bank applies IFC's Performance Standards . The Equator Principles. The Equator Principles (EPs) is a risk management framework adopted by financial institutions for determining, assessing and managing environmental and social risk in projects. Assessment process has to comply with the IFC Performance Standards and with . 2.2.2 IFC Social and Environmental Safeguards . Financial institutions that have adopted the Equator Principles commit to implementing internal policies and processes consistent with the Equator Principles. The Equator Principles III are voluntary guidelines adopted by financial institutions when funding major infrastructure and industrial projects. On 23 September 2013, Dan Siddy and yours truly delivered an updated version of Prizma's course on the IFC Performance Standards and Equator Principles to a diverse group of participants in London. The Equator Principles, the Common Approaches, and the ESRD are aligned in the requirement for projects to meet the elements of the same international standards, namely the International Finance Corporation's Performance Standards on Social and Environmental Sustainability and sector-specific Environmental, Health, and Safety Guidelines. The EPs are based on the IFC's performance standards of environmental and social sustainability (IFC 2011; 2012), and are structured in eight performance standards to be met by IFC clients. This entry was posted on Friday, December 23rd, 2005 at 1:14 pm and is filed under Equator Principles, New IFC Performance Standards, Responsible Project Financing.You can follow any responses to this entry through the RSS 2.0 feed. Notwithstanding specific requirements outlined above, assets shall also: You can leave a response, or trackback from your own site.. Post navigation International Finance Corporation . The Equator Principles apply globally and to all industry sectors. ENVIRONMENTAL AND SOCIAL COMPLIANCE. We have worked with projects from oil refineries, to road, rail, and maritime transport . The Equator Principles is a risk management framework, adopted by financial institutions, for determining, assessing and managing environmental and social risk in project finance. Telephone. MDB . They apply to Project Finance and Project Finance Advisory services valued at or above $10 million, for Bridge Loans, and for Project-Related Corporate Loans valued at or above $100 million. The IFC Performance Standards are at the heart of the Equator Principles, forming the technical framework on which the Principles were built. The IFC Performance Standards and their impact areas - 2 7. as the IFC Performance Standards and Equator Principles. Based on the International Finance Corporation (IFC) Performance Standards and World Bank Environmental Health and Safety Guidelines, the Equator Principles have been widely used since their inception in 2003 by financial institutions for the assessment and management of the impact of large-scale development projects on the environment and society. Currently, 118 Equator Principles Financial Institutions (EPFIs) in 37 countries worldwide have officially adopted the EPs, covering over 70 percent of international Project . This cooperation between the two organisations led to a Memorandum of . In one of the IFC performance standards (IFC Performance Standard No. His core competence in developing corporate sustainability strategies, applying IFC Performance Standards and Equator Principles within mining operations and analysing ESG investing approaches, help us in fostering best practice regulatory frameworks. EP4 is the latest iteration of the Equator Principles. The IFC Performance Standards are an established and well-respected framework for ensuring sustainable development in developing countries. requirements of the Equator Principles (EP), International Finance Corporation (IFC) and Vedanta's Sustainability Framework (policies and guidelines), therefore this ESIA process is designed and carried out to fulfil their Performance Standards and corporate internal standards. . Our in-depth understanding of ESG risks and impacts coupled with our extensive knowledge of the Equator Principles, International Finance Corporation (IFC) Performance Standards, World Bank Environmental and Social Safeguards, European Bank For Reconstruction and Development (EBRD) Performance Requirements, and the Development Bank of Southern . Notwithstanding specific requirements outlined above, assets should also:7 • Publish in the public domain an Environmental These principles are estimated to cover nearly 90% of project inancing in emerging markets. signatory to the Equator Principles are required to implement IFC Performance Standard 6 (IFC PS6) which also deals with biodiversity conservation. The Equator Principles (hereafter referred as EP), utilises the IFC performance standards as the criteria to review and categorise projects respectively. This time, they came from France, Denmark and the UK. Equator Banks make up well over half of international project finance. Not just host country laws: for projects located in designated (high income OECD) countries, Equator Principles Financial Institutions (EPFIs) need to evaluate the specific risks of the project against the International Finance Corporation (IFC) performance standards where these may differ from host country laws. Third Floor. A comprehensive guide to the IFC Performance Standards on Environmental and Social Sustainability as used in Equator Principles Financings. Review the project . The Equator Principles, launched in 2003, were updated in 2006 and then in June 2013. The Equator Principles (EP) are intended to serve as a common baseline and risk management framework for financial institutions to identify, assess and manage environmental and social risks when financing Projects. The IFC Performance Standards are frequently adopted as the "gold standards" by other banks, and are referred to in the " Equator Principles," followed by 105 financial institutions in 38 countries. Our Position Statements have been publicly disclosed since 2009, and were updated in 2013 to reflect the development of industry best practice and include additional sectors, taking the total number of Position Statements to 20. Following an extended transition period due to the . Contact John Vercoe, Director Environment Finance, London T: + 44 (0) 207 3409 690 M: +447917 636 805 IFC's Environmental, Health, and Safety (EHS) Guidelines provide technical guidelines with general and industry-specific examples of good international industry . The EPs provide a minimum due diligence standard and monitoring protocol supporting responsible risk assessment and decision-making. Where EPs apply then must benchmark against the IFC Performance Standards, plus EHS Guidelines . Our environmental and social services team helps a diverse range of general infrastructure, power generation, and industrial projects comply with IFC Environmental and Social Performance Standards and EQUATOR principles. this publication provides a high-level benchmarking of the requirements of IFC Performance Standard 7 against Canadian law, as it . • IFC Performance Standards on Environmental and Social Sustainability , and; • Equator Principles 4, July 2020, to the extent applicable to the project. Over the last several years, the International Finance Corporation's (IFC) Performance Standards and the Equator Principles (PS/EPs) have become the most widely-accepted framework among international project financiers for managing environmental and social risks of projects in the developing world. Current Internationally used Soft Law Standards like Equator Principles. In Projects assessed as being within the scope are evaluated against the Equator Principles, including against comprehensive international performance standards ("IFC performance standards") on issues such as labour and working conditions, natural resource management, pollution prevention, impacts on Indigenous people, community health and . 46-47 Chancery Lane. Two principles and/or standards are considered by the majority as international private sector best-practice ESS principles or standards: (a) IFC Performance Standards on Environmental and Social Sustainability (PS); and (b) Equator Principles (EPs) 4.1 International Finance Corporation Performance Standards . Home > Environmental Regulation > Equator Principles Association Adopts Equator Principles 4. For all Category A and Category B projects, the borrower has . The Equator Principles, launched in 2003 and now adopted by 101 financial institutions from 38 countries, were based on IFC's Performance Standards. IFC's Performance Standards on Environmental and Social Sustainability are used by: › the Equator Principles › 32 export credit agencies of the OECD countries benchmark private sector projects against IFC's Performance Standards. . OECD Common Approaches, OECD MNE Guidelines, IFC Standards, ILO, Aarhus Convention and UN Guiding Principles for Human Rights however show some patterns of commonality and connection sufficiently deep and farreaching as to constitute an embryonic field The principles provide a framework for financial institutions to manage environmental and social risk in projects. . against EP and IFC performance standards by an external independent The Equator Principles (EPs) is a risk management framework, adopted by financial institutions, for determining, assessing and managing environmental and social risk in projects.The EPs ensure socially and environmentally responsible financing of large scale infrastructure, mining and energy projects through a set of standards developed by the . The IFC Performance Standards on Environmental and Social Sustainability are established and maintained by The International Finance Corporation ("IFC") of the World Bank Group ("WBG"). Equator Principles III Since the 4th of June 2013, the third version of the Equator Principles (EPIII) are now enforce, with all . There is a concern that the SAMBG adds further to the burgeoning pile of standards, guidelines and best practices that mining companies are required to meet, but without necessarily adding anything new. With a project footprint encompassing most regions in Africa, we are familiar with the need to ensure that the assessment process addresses both in-country legal requirements and the IFC Performance Standards and Equator Principles. Based on the International Finance Corporation (IFC) Performance Standards and World Bank Environmental Health and Safety Guidelines, the Equator Principles have been widely used since their inception in 2003 by financial institutions for the assessment and management of the impact of large-scale development projects on the environment and society. george staicu's serie on "best practices in sustainable green blue finance and climate risk management": the equator principles - a fundamental standard and framework for environmental and . EQUATOR PRINCIPLES IN A NUTSHELL •A framework for international banks to manage environmental and social impacts in project finance = risk management (due diligence and mitigation of risks) •Based on the IFC Performance Standards •92 EPFIs in 37 countries cover approximately 70% of project finance in emerging markets Principle 3, The Equator Principles, June 2013: for projects in Non-Designated Countries, the applicable IFC Performance Standards and EHS Guidelines; for Designated Countries, the relevant host country laws, regulations and permits that pertain to environmental and social issues. most recently updated in 2012 to incorporate reference to the 2012 IFC Performance Standards. Project" to determine whether one or more of the IFC Performance Standards can be used as guidance to address those risks, in addition to host country laws. Figure 2.1 The Equator Principles . The Equator Principles (EPs) are a framework for assessing and managing environmental and social risk associated with project financing. The Equator Principles refer to the IFC Performance Standards and the World Bank Group Environmental, Health and Safety (EHS) Guidelines. For more information on how to order, click on the book to get to the publisher's website! The "Equator Principles," which have been adopted by more than 70 of the world's leading investment banks in developed and developing countries, are based on IFC's Performance Standards. The Equator Principles. It's primarily intended to provide a minimum standard for due diligence and monitoring to support responsible risk decision-making. The Equator Principles Association (EPA) has published a finalised version of Equator Principles IV (EPIV) following consultation. 2. As of March 2021, 116 financial institutions in 37 countries have officially adopted the Equator . A mining social and environmental specialist with an in-depth knowledge of IFC Performance Standards and Equator Principles and their application within the global mining industry. IFC's Performance Standards on Environmental and Social Sustainability are used by: › the Equator Principles › 32 export credit agencies of the OECD countries benchmark private sector projects against IFC's Performance Standards. Equator Principles and sustainability Within the Equator Principles and IFC Performance Standards on Social and Environmental Sustainabil-ity are initial ground rules for transparency and setting up feedback mechanisms that help address the complex questions related to sustainability.

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