US banks abandon ‘bare minimum’ environmental standards project, alarming climate groups

Citi, BoA, JPMorgan Chase and Wells Fargo have left the framework that assess environmental, social and governance (ESG) financing

Four of the world’s biggest banks have left the Equator Principles, a set of minimum industry standards and safeguards for financial institutions to address environmental and social risks in countries where they finance fossil fuel and mining projects.

The Equator Principles have been around for more than two decades, and while not enforceable, they provided a basic framework of environmental standards that banks agreed would underpin financing deals on pollution-causing extractive projects.