Environmental Aspects
The environment is an important issue when approving Hermes guarantees. When appraising the application, the environmental effects of projects are an important criterion, both in terms of their worthiness and the tolerability of the risk. As stated by the ECA, it is the aim of the German government not to support any projects that have serious negative ecological, social, or developmental consequences. Since January 1, 2004, the OECD "Recommendation on Common Approaches on Environment and Officially Supported Export Credits" have been applied. The procedure laid down there reflects international developments regarding the appraisal of environmental aspects by export credit agencies. The "Common Approaches" are a set as international obligatory rules for the environment and export credit guarantees, so they cannot take account of all national peculiarities; for this reason, the German national environmental guidelines of 26 April 2001 are applied in some areas.
Read more about this topic: Hermes Cover
Famous quotes containing the word aspects:
“The happiest two-job marriages I saw during my research were ones in which men and women shared the housework and parenting. What couples called good communication often meant that they were good at saying thanks to one another for small aspects of taking care of the family. Making it to the school play, helping a child read, cooking dinner in good spirit, remembering the grocery list,... these were silver and gold of the marital exchange.”
—Arlie Hochschild (20th century)