Several climate groups across the globe were left reeling after four of the largest banks in the United States abandoned key industry safeguards and standards that sought to address the social and environmental risks posed by financial institutions when they invest in mining and fossil fuel projects. Dubbed the Equator Principles, these industry standards have been around for more than two decades and create a simple environmental-standards framework for addressing financial deals involving extractor projects that cause pollution.
Although the standards aren’t enforceable, the majority of banking institutions worldwide agree to abide by the standards…
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