Big American banks have exited the Equator Principles, reflecting a troubling retreat from environmental and social risk management in project financing. In short:The Equator Principles, guiding risk management in projects with environmental and social impacts, have lost key U.S. banks including Citi, Bank of America, JPMorgan Chase, and Wells Fargo. This withdrawal has sparked outrage among climate activists, criticizing the banks for neglecting fundamental climate and human rights obligations. As U.S. banks backtrack on climate commitments, regulatory pressure rises against institutions endorsing 'woke capitalism', influencing corporate environmental strategies. Be sure to read Pete Myers’ piece about how economics and environmental issues are so intertwined.

Source: The Guardian March 07, 2024 12:48 UTC