Major US banks withdraw from Equator Principles
Four of the largest US banks have withdrawn from the Equator Principles, an industry standard for assessing environmental and social risks in project financing.
JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo are no longer signatories to the principles, citing reasons such as internal restructuring and reliance on in-house standards.
Despite their departure, the banks assert their commitment to considering environmental and social risks in project-related finance. This move comes amid concerns raised by U.S. Republican politicians about potential antitrust violations related to corporate environmental initiatives.
Critics argue that the banks’ withdrawal signifies a retreat from basic standards for environmental and social responsibility.
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