ICO signs up to the Equator Principles
ICO's General Board approved the institution's decision to become a signatory to the Equator Principles at its meeting on Friday 21 October, as part of the framework of commitments in its CSR and environmental policies.
The Principles, which are voluntary but widely recognised internationally, require signatory financial institutions to guarantee that the projects to which they offer financing or advice are undertaken sustainably. A total of 83 financial institutions from 36 countries have signed up to the Principles created in 2003 by the International Finance Corporation (World Bank), including five Spanish banks and European development banks similar to ICO, such as the KfW in Germany.
ICO, a Spanish state-owned bank and state financial agency, chaired by Emma Navarro, especially values the fact that the Equator Principles ensure solid and rigorous practices in the social and environmental management of financed projects. This venture strengthens ICO's commitment to the agreements reached at the Paris Climate Change Conference and the 2030 Sustainable Development Goals.
Acceptance of the Equator Principles also represents a step forward for ICO in terms of its transparency and good corporate governance strategy. ICO will now report on its operations, procedures and experiences annually in its Corporate Social Responsibility Report and on its corporate website, in accordance with the Principles' guidelines.