Press Release — 13 November 2019
By: BankTrack & Partners
As banks head for Singapore to decide on new Equator Principles, 300+ civil society groups call for ambition and courage
Campaigners urge banks to stop financing climate disasters and respect Indigenous’ Peoples Rights
312 Civil society organizations from 58 countries have today called upon the financial institutions that make up the Equator Principles Association (EPA) to “act with courage and ambition and not settle for business as usual” when deciding upon a new version of the banking sector’s standards for financing large-scale infrastructure projects at their annual meeting in Singapore, next week from November 18th to 20th.
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Equator Principles open letter
By consensus at our Oct. 1 meeting, OCA signed onto the Equator Banks, Act! petition, asking the major banks of the world to live up to their commitment to support people and the planet–it’s time to match their words with actions. The petition is below; you can sign on yourself at equatorbanksact.org.
We also signed on to the bank boycott organized by Mazaska Talks; you can sign on as an individual at https://mazaskatalks.org/move-your-money/
#DefundPipelines • #EquatorBanksAct • #FossilFreeSalishSea
MAZASKA TALKS PLEDGE: “We pledge to not do business with the 64 banks funding new tar sands projects. Those of us who are current customers of the banks specified by Mazaska Talks pledge to break ties within 12 months, and to inform the bank of our reasons for doing so.”
Equator Banks, Act! Petition
Stop financing Climate Disasters
Respect Indigenous peoples’ rights and territories
This October 23-25, 91 banks will meet in São Paulo, Brazil to discuss their social and environmental commitments under the Equator Principles.
While these Principles are to ensure that adopting banks do not finance projects with a large negative impact on people and planet, Equator Banks continue to support projects that pose a massive threat to the world’s climate, such as coal, oil and gas extraction, transportation and power generation projects. Equator Banks also continue to finance fossil fuel and other projects that trample on the rights and interests of Indigenous Peoples.
We are appalled that the Equator Principles as formulated today allow Equator Banks to finance projects that are a disaster for the world’s’ climate and for Indigenous peoples. For the Principles to be a meaningful sustainability commitment they need to be fully overhauled.
We therefore call on the Equator Principles Association…