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Environmental Sustainability

 

RBC re-commits to Equator Principles

Underscores commitment to environmental and social risk management

July 6, 2006 — RBC Financial Group today became one of 33 financial institutions around the world to sign a revision of the Equator Principles. The Equator Principles are a set of voluntary guidelines developed in 2003 to help financial institutions improve how they assess, mitigate, document and monitor the potentially adverse social and environmental risks associated with financing projects.

The Equator Principles were revised in consultation with clients, civil society groups and official development agencies, and reflect the experiences of all the financial institutions that used the Principles over the last three years. They also reflect recent revisions to the International Finance Corporation's (IFC) Performance Standards, upon which the Equator Principles are in part based.

"RBC was the first Canadian bank to adopt the Equator Principles in 2003, and we are proud to re-commit to them now," said Shari Austin, Vice President, Group Risk Management, RBC Financial Group. "RBC will finance only those projects that comply with the Equator Principles, and will incorporate their requirements into our business and risk management processes."

Equator Principles apply globally and to all sectors. These newest revisions:

  • extend the application to all project financings with capital costs above USD 10 million. This threshold was lowered from USD 50 million.

  • apply to project finance advisory activities.

  • cover upgrades or expansions of existing projects where the additional environmental or social impacts are significant.

  • include stronger and better social and environmental standards, including more robust public consultation standards.

The approach in applying the Principles to countries with existing high standards for environmental and social issues has been streamlined and all financial institutions using the Equator Principles will be required to report on their progress and performance of Equator Principles' implementation on an annual basis.

More information:

www.equator-principles.com
RBC's Environment website
RBC and Environmental Sustainability

 


 

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07/10/2006 12:51:42