Thanks to the PSD Blog, which is written by a quartet of staffers at the World Bank and assorted guests, I’m learning about the Equator Principles, a set of environmental and social policy standards agreed to in 2003 by some big-name banks for how to be a good corporate citizen when financing a large project in a developing country.

Apparently, there’s been some controversy lately over whether the standards are strict enough. The Washington Post ran an editorial on Sunday, praising the Equator Principles as a practical way of dealing with the downside of globalization. Basically, the Post argues, the Equator Principles are good enough and if you wait for perfect standards, you’re resigning yourself to inaction. 

For another view, see what BankTrack and the World Wildlife Fund have to say here.

Read what the PSDers have to say about responsibly managing globalization and the Equator Principles here.

You can find a list of participating banks here.
 

I don't know enough about the Equator Principles yet to have formed my own opinion. If you have any experience with how they were set up, how they are used in real life or whether they are, on balance, a  step in the right direction or just another PR stunt, let the rest of us know by posting a comment below. One thing I wonder about is whether there should be a health-and-medicine component to the Equator Principles—and if so, what sorts of standards would make the most sense. Thanks.

—Christine Gorman