87 1. Reduce their GHG emissions to, at the minimum, the percentage required under the Oslo Principles or a country’s permissible quantum (Principle 2); 2. Ensure that all entities within its direct or indirect control comply with its obligations to reduce GHG emissions (Principle 6); 3. Undertake GHG reducing measures that incur no relevant additional costs like switching from fossil fuel-based energy sources to renewable energy sources, eliminating excessive energy consumption, using more efficient transport (Principle 7.1) and “take all measures to improve the energy efficiency of its products and services as can be taken without incurring relevant additional costs” (Principle 7.2); 4. Take measures to reduce GHG emissions if the additional costs will, “beyond reasonable doubt, be offset by future financial savings or gains” (Principle 8); 5. Avoid activities that “will or are likely to cause excessive GHG emissions, including, for example, operating coal-fired power plants, without taking countervailing measures.” (Principle 9.1) 6. Avoid creating products, including packaging, that cause excessive GHG emissions, or render services that cause excessive GHG emissions, without taking into consideration countervailing measures.” (Principle 10.1) 4. Responsibility of Financial Institutions In 2003, private financial institutions adopted the Equator Principles, a framework for determining, assessing, and managing environmental and social risks in project finance, frequently used for major infrastructure and industrial projects.421 The Equator Principles require financial institutions to refuse loans to borrowers who will not or cannot follow their respective social and environmental policies and processes.422 Although the principles are not legally binding, they have become an industry standard and are frequently referred to as good practice.423 421 422 423 The Equator Principles (2020), available at https://equator-principles.com/ (last accessed Aug. 21, 2021) [hereinafter The Equator Principles]. Id. Id.