On May 18, BBVA hosted the first meeting of the Spanish financial institutions signing the Equator Principles and other institutions with an interest in this initiative such as CESCE and development agencies ICO and COFIDES.
The agenda of this first meeting included current issues such as extending the scope of application of the Equator Principles and revising the IFC Performance Standards.
The continual evolution of the Equator Principles and the growing importance of the financial sector in funding sustainable projects entail new challenges for the financial sector. BBVA has established the Equator Principles Committee to meet these challenges. The main function of this body is to establish the social and environmental risk strategy and monitor that the objectives are being fulfilled.
Composed of representatives from the departments of Corporate Risk Management, Risk & Portfolio Management, Technical Secretary of Global Risk Management, Corporate Responsibility and Development of C&IB Business, the first committee has addressed the priority lines of action: integrating social and environmental risk in credit risk analysis, contribution of the Equator Principles to business activity, institutional relations and communication initiatives.
About the Equator Principles
Launched in June 2003, the Equator Principles are a voluntary standard for managing the social and environmental risks of project finance transactions. Based on the social and environmental standards of the International Finance Corporation, the Equator Principles have become the benchmark in the financial sector for responsible funding with the member institutions representing over 85% of the project finance market.