The UK Green Investment Bank (GIB) has today announced that it has become a signatory to the 'Equator Principles': the global ethical investment framework.
Founded in 2003, the Equator Principles provide a globally consistent governance model to assess and manage environmental and social risk in financing.
GIB will join more than 75 financial institutions in adopting the Equator Principles, all of whom have committed to apply a consistently high standard of environmental and social assessment to their investments.
Along with other adoptees, GIB will not provide finance to projects where the client will not, or is unable to, comply with the Equator Principles.
Shaun Kingsbury, chief executive of GIB said:
As the world's first dedicated green investment bank we carry a special responsibility to ensure that all our investments meet best in class environmental and social standards. We have published market leading green investment policies which set out how we do that in very practical terms. The Equator Principles have offered an important framework to bring consistency to global investment practice and we are delighted to become a signatory.
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Notes to editors
UK Green Investment Bank (GIB)
The UK Green Investment Bank was launched in November 2012. It has £3.8 billion of funding from the UK government. It is the first bank of its kind in the world. It is a "for profit" bank, whose mission is to accelerate the UK's transition to a greener economy, and to create an enduring institution, operating independently of government.