Financing Mining

As part of our work on mining, MPI seeks to educate and influence mining investors, financiers and shareholders.

We are a proud member of BankTrack, which is a global network of civil society organisations and individuals tracking the operations of the private financial sector (commercial banks, investors, insurance companies, pension funds) and its effect on peopleĀ and the planet.

BankTrack’s mission is to promote fundamental changes in the operations of these banks so that they, while conducting their business, contribute to the ecological well being of the planet and to offering a decent life free of poverty for all people. As a prerequisite for this, we want banks to be fully transparent and accountable for their activities to all their stakeholders and to society at large.

Equator Principles

The Equator Principles (EPs) are a set of voluntary standards that commit signatory banks to follow the environmental and social guidelines (Performance Standards) of the International Finance Corporation (IFC) of the World Bank Group. The Principles have become the de facto standard for all banks and investors on how to deal with potential social and environmental effects of projects to be financed. The principles were launched in 2003, revised in 2006 and are now about to be revised again (2012).

BankTrack has monitored the development of the Equator Principles ever since their inception. While we value the Equator Principles as a commitment, we continue to have major concerns on many aspects of the Principles, such as the non-transparent way they are being applied, leaving stakeholder effectively in the dark on their effects. You can read about our concerns in our numerous reports published since 2003 (see ‘documents’).

BankTrack is closely tracking the formulation of the updated version of the Equator Principles, which are to come into foce in 2013. We have formulated our expectation for this update in a paper called. ‘The Outside job’ (October 2011) and produced a formal submission on the EPIII draft (October 2012)