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
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.
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.