Mixed response to banks' green pledge.

Fonction News - Credit Suisse is among banks agreeing to environmental guidelines for future development projects - Brief Article

Aid agencies have welcomed a decision by nine banks--including Credit Suisse --to sign up to a new set of environmental guidelines. However, they fear the so-called "Equator Principles," which apply to the funding of future development projects, may never be put into practice.

Caroline Morel, executive director of the Bern-based non-governmental organization, Swissaid, conceded that the guidelines were a step in the right direction. But she cast doubt on whether they were as big a breakthrough as they initially seemed.

The Equator Principles, based on recommendations by the World Bank and the International Finance Corporation, are to be applied to all projects costing over CHF66 million. The guidelines state that the signatory bank must ensure potential...

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