"China, October 31, 2008 - Industrial Bank Co., Ltd (IB) is the first bank in China to announce the adoption of Equator Principles, a voluntary set of guidelines in financial industry to determine, assess and manage environmental and social risks in project financing. IB is ready to observe the requirements of, to set up internal policies and procedures in compliance with Equator Principles, and to conduct due diligence research on social and environmental issues in project financing (source:http://www.equator-principles.com/index.shtml)"

China is one of the many countries that adopted these guidelines. In the Netherlands we have three banks but two other banks go much further as they also have principles like not investing in the arms industry or any industry that is harmful for society in an environmental sense or from (another) human rights' perspective (see f.e. Triodos Bank or ASN Bank.)

We should not forget that the banks have made a lot of money, also in St. Maarten while they were conscious of the lack of control by our government but nevertheless financed projects without ever thinking about the sustainability of the projects which makes them also responsible for part of the problems of the island. Suppose our banks here had financed only:

- apartments / houses / resorts with (the best) sewage treatment plans?

- if  built in accordance with the beach policy or hill side policy?

- if category 4 hurricane resistant?

- in accordance with the density rule of 40%?

- with sufficient parking place?

 The reason for these equatorial principles are very simple, because we are worldwide confronted with an enormous degradation of our environment and unfortunately St.Maarten is a splendid example. Now with global warming it is becoming even more important and urgent. In Equator the degradation of their unique biodiversity was so endangered by foreign companies that recently a totally new concept of conservation was accepted as part of the referendum.

"The proposed bill states: "Natural communities and ecosystems possess the unalienable right to exist, flourish and evolve within Ecuador. Those rights shall be self-executing, and it shall be the duty and right of all Ecuadorian governments, communities, and individuals to enforce those rights."

 Thomas Linzey, a US lawyer who has helped to develop the new legal framework for nature, says: "The dominant form of environmental protection in industrialised countries is based on the regulatory system. Governments permit and legalise the discharge of certain amounts of toxins into the environment. As a form of environmental protection, it's not working.

In the same way, compensation is measured in terms of that injury to a person or people. Under the new system, it will be measured according to damage to the ecosystem. The new system is, in essence, an attempt to codify sustainable development. The new laws would grant people the right to sue on behalf of an ecosystem, even if not actually injured themselves. " (source : Guardian)

Sixty-three financial institutions from twenty-five countries have adopted the Equator Principles. These financial institutions operate in over 100 countries. As a result, the Equator Principles have become the project finance industry standard for addressing environmental and social issues in project financing globally. Now we have to push our local banks to adopt these guidelines but even better to make our own tailored set of guidelines for St. Maarten.