Under Principle 7 of the Equator Principles (EP), an Independent Environmental and Social Due Diligence Review (Review) by an Independent Environmental and Social Consultant (the ‘Consultant’) is required for all Category A and, as appropriate Category B Projects. This guidance is applicable to Project Finance, Project-Related Corporate Loans, Project Related Refinance, Project-Related Acquisition Finance and Bridge Loans (as appropriate). The Consultant must be able to demonstrate expertise in evaluating the types of environmental and social risks and impacts relevant to the Project. The Consultant undertaking the Review plays a critical role in an Equator Principles Financial Institution’s (EPFI) understanding of when a Project does or does not meet the Applicable Environmental and Social Standards (as noted in Principle 3 of the EP, and hereafter referred to as ‘Applicable Standards’), and if not, whether gaps may be addressed through an EP Action Plan (AP)1 to bring the Project into compliance with the EP. This guidance document is intended to be used by Consultants to support their engagement with EPFIs when undertaking a Review as required under Principle 7 of the EP. It can also be used by EPFIs to assess whether a Review delivered by a Consultant is appropriate. It should be noted that EPFIs may have additional requirements for a Review which are specific to the EPFI and/ or a particular Project and are not covered in this document.