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Equator Principles Association launches new due diligence tools to enhance access to grievance mechanisms & enable effective remedy
25 October, 2022 EP News
25 October 2022
The Equator Principles Association (EPA) Steering Committee is today pleased to announce the release of a suite of tools to enhance access to effective grievance mechanisms & enable effective remedy.
These tools have been developed by the EPA’s Operations Working Group, in partnership with Shift, and are being made available for use by Equator Principles Financial Institutions “EPFIs” their clients and the independent consultants who support environmental and social risk due diligence, monitoring and reporting.
They are intended to guide users at various stages of the project finance transaction and due diligence process, particularly for higher-risk projects where project-level grievance mechanisms are required or suggested, and adverse human rights impacts may be most likely to occur.
These tools mark a significant development for the EPA in supplementing existing standards and guidance under the Equator Principles specifically in relation to human rights impacts in projects.
There are five related due diligence tools covering grievance mechanisms (GM1 and GM2) and remedy (R1, R2 and R3).
- GM1: GRIEVANCE MECHANISM DESIGN: DIAGNOSTIC QUESTIONS
- GM2: MONITORING EFFECTIVE GRIEVANCE MECHANISM PERFORMANCE: SAMPLE REPORTING METRICS
- RM1: ASSESSING PREPAREDNESS FOR REMEDY: DIAGNOSTIC QUESTIONS
- RM2: STRENGTHENING PREPAREDNESS FOR REMEDY: SAMPLE LEVERAGE ACTIONS
- RM3: USING LEVERAGE FOR REMEDY AFTER IMPACTS OCCUR: SAMPLE LEVERAGE ACTIONS
These tools should be used in conjunction with the IFC PS and other associated EP Guidance including: the role of IESCs in Effective Consistent Application of the Equator Principles, Human Rights Assessment, Evaluating Projects with Indigenous Peoples, and Incorporating Environmental and Social Considerations into Loan Documentation.
MEDIA CONTACT:
EPA Primary Contact: Courtenay Smith
Email: secretariat@equator-principles.com
Telephone: +44 7764 435 921