Beijing, China, January 20, 2017 --
Today, China’s Bank of Jiangsu (BOJS) joined a group of leading global financial institutions that apply the Equator Principles, a risk management framework for determining, assessing and managing environmental and social risk in projects. Referencing the IFC Performance Standards, the Principles provide a standard for due diligence and sustainable finance now applied by 88 financial institutions from 37 countries. BOJS became the first Chinese city commercial bank to adopt the Equator Principles.
Bank of Jiangsu’s adoption of the Principles reflects the growing momentum in sustainable finance in China and globally. Jointly, the Equator Principles Financial Institutions provide over 70% of international project finance in emerging markets. Under China’s presidency of the G20 in 2016, G20 leaders welcomed recommendations to rapidly scale up global finance for sustainable businesses and projects. In 2012, China introduced the Green Credit Guidelines to support banks adopting sustainable banking practices.
IFC started working with BOJS – China’s third-largest city commercial bank – in 2012 to help the bank grow its portfolio in energy efficiency and renewable energy projects and to put in place an environmental and social risk management system.
Chairman of Bank of Jiangsu said: “Bank of Jiangsu’s adoption of the Equator Principles and joining the family of Equator Banks reflects not only our resolution to embrace green concepts and develop green finance, but also our expectation to help our clients realize their sustainable development goals through a more scientific and reasonable approach.”
“Adopting the Equator Principles is an important step for BOJS in its commitment to embed sound environmental, social and governance principles into its operations. IFC is proud to support the bank’s work in this area as well the efforts of other financial institutions that wish to follow suit,” said Ethiopis Tafara, IFC Vice President for sustainability and General Counsel.
IFC has promoted high standards of sustainability in financial sector transactions for over two decades. In addition to working directly with financial institutions to build capacity and share experiences, IFC helped establish and advises the voluntary Sustainable Banking Network of financial sector regulators and banking associations from 31 emerging markets to help them develop national policies and principles to grow sustainable finance. China is among the founding members.
For more information on the Equator Principles, including a list of institutions having adopted the Principles, visit
www.equator-principles.com
.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
About Bank of Jiangsu
Bank of Jiangsu (BOJS) is a joint stock commercial bank incorporated in 2007 and headquartered in Nanjing, China. It is the third largest city commercial bank by assets in China. With a network of over 534 retail outlets (the largest network in Jiangsu among all banks), BOJS has a vision to grown into a first rate commercial bank with differentiated branding, innovative financial products and services and international vision.
