European Banks Launch Sourcebook on EU Laws
The European Investment Bank (EIB), Council of Europe Development Bank (CEB), European Bank for Reconstruction and Development (EBRD), Nordic Investment Bank (NIB), and Nordic Environment Finance Corp. (NEFCO) have launched a joint sourcebook that outlines the environmental legislation, including principles and standards, adopted by the five multilateral financial institutions.
The Sourcebook is designed to enable project sponsors in EU member states, candidate countries, potential candidates, and countries covered by the European Neighborhood Policy to identify and understand the European Union (EU) environmental standards that projects supported by the banks in these regions are expected to meet. It also will be used by bank staff and third parties with an interest in the banks' project financing activities.
The focus of the document is on project-specific standards across a range of key sectors in which the EPE banks concentrate their lending activities. The sectors covered include energy, infrastructure, metal production and processing, waste management, agriculture, and the chemical and extractive industries. Moreover, the Sourcebook offers cross-sector guidance on issues such as the environmental impact assessment (EIA), environmental management systems, and environmental liability.
The Sourcebook, which was initiated by the EIB and funded by all the institutions, was prepared by a group of consultants from the Institute for European Environmental Policy under the guidance of a working-group with representatives from all five banks. The initiative enjoys the support of the European Commission, Directorate General Environment.
The Sourcebook is available at http://www.eib.org/about/publications/sourcebook-on-eu-environmental-law.htm.