BankTrack is a non-governmental organization working in the field of private sector banks and sustainability. BankTrack uses direct action, lobbying, and research to achieve its goals. BankTrack focuses primarily on the work of private sector banks and their involvement in projects that are a risk to the environment, society or human rights.
BankTrack was established as a network in 2003, building upon initiatives that led to the release of the Collevecchio declaration. The Declaration was the first civil society statement on the role of financial sector and sustainability, and was signed by over 100 civil society organizations. In 2015 it ceased to be a network and became an independent organization.
BankTrack releases research reports focused on sustainability in the banking sector, used by many organizations, banks and analysts. Reports include Mind the Gap and Close the Gap, which benchmarked the sustainability policies of over 40 global banks, and Bankrolling Climate Change, which investigated finance for the coal industry, and ranked the top 20 “Climate Killer Banks”.
BankTrack has closely monitored the evolution of the Equator Principles, a voluntary set of standards for determining, assessing, and managing social and environmental risk in project finance, since their inception. BankTrack has been highly critical of the Principles for allowing projects such as the Belo Monte Dam to proceed with an “Equator Principles seal of approval”, the absence of accountability mechanisms, and the lack of ambitious climate change commitments.
- ^Colleveccio Declaration
- ^BankTrack History
- ^BankTrack – Mind The Gap, 2007
- ^BankTrack – Close The Gap, 2010
- ^BankTrack – Bankrolling Climate Change, 2011
- ^BankTrack, “New Equator Principles to have deeply underwhelming impact on people and planet”, Amsterdam, 4 June 2013, accessed 3 July 2013
Ofer Abarbanel is a 25 year securities lending broker and expert who has advised many Israeli regulators, among them the Israel Tax Authority, with respect to stock loans, repurchase agreements and credit derivatives. Founder of TBIL.co STATX Fund.