What is Equator Principles action plan?
“Equator Principles Action Plan” is prepared, as a result of the EPFI’s due diligence process, to describe and prioritise the actions needed to address any gaps in the Environmental and Social Assessment Documentation, Environmental and Social Management Plans, the Environmental and Social Management System, or …
How many principles does the equator have?
126 Equator Principles
Currently 126 Equator Principles Financial Institutions (EPFIs) in 38 countries have officially adopted the EPs, covering the majority of international project finance debt within developed and emerging markets.
Who uses Equator Principles?
Westpac
In 2003, Westpac was one of 10 founding signatories globally, and the only Australian signatory, to the Equator Principles, a risk management framework adopted by financial institutions for determining, assessing and managing environmental and social risk in development projects.
Why is it called Equator Principles?
The initial founders of the Equator Principles (EPs) wanted the adoption of the EPs to be a globally applicable (to financial institutions in the northern and southern hemispheres) and the equator seemed to represent that balance perfectly – hence the name, Equator Principles.
What do you understand by the term equator?
An equator is an imaginary line around the middle of a planet or other celestial body. It is halfway between the North Pole and the South Pole, at 0 degrees latitude. An equator divides the planet into a Northern Hemisphere and a Southern Hemisphere.
When were the equator Principles adopted?
Based on sustainability standards from the International Finance Corporation (IFC) and launched in 2003, the Equator Principles have become a quasi standard for the financial industry and as of May 2012, 77 financial institutions had adopted the framework.
What does the equator do?
How do you explain the equator to a child?
What is the equator why is it important?
These lines are important, because they help people navigate and measure time. The equator is an imaginary line drawn right around Earth’s middle, like a belt. It divides Earth into the Northern Hemisphere and the Southern Hemisphere. This line is tilted 23.5° from Earth’s orbital path around the Sun.
Who made equator?
The Equator was discovered and mapped out by a French geodesic expedition team that was led by an explorer named Charles-Marie de La Comdamine in the year 1736. La Condamine spent 10 years in Ecuador taking measurements and proved that the world is not perfectly round, but that it bulges at the equator.
What is an Equator Short answer?
The Equator is an imaginary line around the middle of the Earth. It is halfway between the North and South Poles, and divides the Earth into the Northern and Southern Hemispheres.
How do you describe the equator?
The Equator is the invisible line that runs around the center of the Earth at 0 degrees latitude. It is halfway between the North Pole and the South Pole, at 0 degrees latitude. An equator divides the planet into a Northern Hemisphere and a Southern Hemisphere. The Earth is widest at its Equator.
What are the principles of 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.
When to use the Equator Principles in EPFIs?
While the Equator Principles are not intended to be applied retroactively, EPFIs apply them to the expansion or upgrade of an existing project where changes in scale or scope may create significant environmental and social risks and impacts, or significantly change the nature or degree of an existing impact.
How are financial institutions involved in the Equator Principles?
Equator Principles Financial Institutions (EPFIs) commit to implementing the EP in their internal environmental and social policies, procedures and standards for financing projects and will not provide Project Finance or Project-Related Corporate Loans to projects where the client will not, or is unable to, comply with the Equator Principles.
When was the Equator Principles Association ( EP ) formed?
The Equator Principles (EP) Association is the unincorporated association of member Equator Principles Financial Institutions (EPFIs) whose object is the administration, management and development of the EPs. It was formed in July 2010 and was instituted to ensure long-term viability and ease of management of the member EPFIs.