ASN Bank adopts Equator Principles
On 25 November, ASN Bank adopted the Equator Principles. This means that, from now on, the bank will also assess the projects in which it invests using the Equator Principles and the social and environmental criteria in the International Finance Corporation (IFC) Performance Standards.
ASN Bank has applied its own sustainability criteria in the selection of investments for years. The reason ASN Bank adopted the Equator Principles is that it invests in increasingly larger projects. The Equator Principles apply specifically to all new project financings globally with total project capital costs of US$10 million or more, and across all industry sectors.
The Equator Principles are based on the International Finance Corporation (IFC) performance standards on social and environmental sustainability, and on the World Bank Groupís Environmental, Health and Safety general guidelines. Banks adopting the Equator Principles commit to not providing loans to projects where the borrower will not or is unable to comply with their respective social and environmental policies and procedures that implement the EPs. More information.
By adopting the Equator Principles, ASN Bank reaffirms its policy to extend loans exclusively to projects that are developed in a socially responsible manner and in accordance with the requirements for sound environmental management. The bank checks whether the sponsors of the project are willing and able to comply with extensive processes safeguarding this.
The specific reason for adopting the Equator Principles is that, since the end of July 2009, ASN Bank has participated in a banking syndicate that co-finances Belwind N.V. Belwind is a windmill park which is built in the North Sea 46 kilometres off the coast of Belgium. The first phase of the park will annually generate 1.1 terawatt hours of electricity. The bankís policy is to increasingly finance more large projects in the field of sustainable energy.
The Hague, 25 November 2009
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