Human Error Caused Unauthorized EP4 Leak
EP SECRETARIAT -- The EP Association wishes to apologize for confusion caused by a rough-draft Equator Principles 4 that was mistakenly sent yesterday to all Equator Principles Financial Institutions (EPFIs) and members of the press. It was the result of human error and misplaced hopefulness, and should not be construed as the final edition of the EP4.
We apologize to all EPFIs, and especially to Mizuho Financial Group, Mitsubishi UFJ Financial Group, and Sumitomo Mitsui Banking Corporation for implying that the EP4 will eject them from membership for financing new coal power plants. Noncompliance Delisting was merely a sensible idea and will not be found in the pages of the EP4.
The Equator Principles will remain voluntary and non-binding, and as such will not stand in the way of a wide range of project financing, from renewables to coal. Transparency and accountability will remain symbolic, community consultation and FPIC procedures will remain open to interpretation by EPFIs, and grievance mechanisms will remain performative. Contrary to the text of this mistakenly released draft, repercussions for noncompliance and other updates to make the EPs more toothful will not be instituted in the official EP4 when it is released later this year. Until then, stakeholders who wish to feel as if they tried may submit feedback here.
The Equator Principles will remain voluntary and nonbinding, and as such permit the widest range of project financing possible, from renewables to coal.
Steps have been taken to ensure that the human who erred in this premature release will never be able to do so again.
We hope this correction will alleviate all confusion.