The environmental manager at the Royal Bank of Canada (RBC) has finally received the detailed environmental and social risk assessment of Qatargas II LNG Project. RBC was a potential participant in a syndicated loan for a project financing venture in Qatar. The project would extract and process liquid natural gas there and transport it to the United Kingdom market. RBC was among the first banks to use an environmental and social risk assessment process based on the Equator Principles that supported the principles underlying sustainable development. However, environmental non-government organizations further complicated any financing decision; they were only too quick to point out publicly any shortcomings. Moreover, it was not clear if problems might occur in monitoring and enforcing any loan covenants. Two basic questions remained: first, does the Qatargas II Project make sense to RBC as it attempts to balance economic, environmental and social performance (i.e. the triple-bottom line); and second, do the Equator Principles provide a competitive advantage?
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