They urged the EBRD “to reject the loan, or at least postpone its decision”
A group of NGOs have announced their opposition to a proposed loan from the European Bank for Reconstruction and Development (EBRD) to fund oil drilling projects in Egypt.
The EBRD is expected to decide on Wednesday whether or not it will provide a $40m loan to Kuwait Energy, according to a statement published by a coalition of NGOs including the Egyptian Centre for Economic and Social Rights, the Egyptian Initiative for Personal Rights and European groups CEE Bankwatch and Platform.
Riccardo Puliti, the energy chief of the European Bank for Reconstruction and Development (EBRD), one of the most influential government –owned investment organisations in the energy industry, has stated that it may begin to invest more heavily in coal projects.
Puliti argues that when looking at where to invest in the energy market it is not always possible to maintain an ideological policy on carbon intensity, and that other important factors must also be considered.
Il carbone ci ha portato in una situazione ambientale insostenibile. Ma siccome porta lavoro, bisogna continuare ad investire in quel campo. Questa scriteriata scelta non arriva da un’imprenditore dell’ultima ora ma da Riccardo Puliti, capo della divisione energia della EBRD, la Banca Europea per la Ricostruzione e lo Sviluppo. In pratica una delle principali banche del Vecchio Continente che si occupano di finanziare i grandi progetti imprenditoriali.
About 40 civil society organisations from throughout Croatia and international organisations, including Friends of the Earth International, Bankwatch and Justice and Environment, have sent letters to Prime Minister Zoran Milanovic and the President of the European Bank for Reconstruction and Development (EBRD), Suma Chakrabarti, appealing that they abandon the plan for the construction of a harmful and expensive hydroelectric power plant on the Ombla river in the Dubrovnik area of southern Croatia.
The Kolubara mining basin covers 600 square kilometres, producing 30 million tonnes of lignite and more than 50 percent of Serbia's electricity annually. While government and international investors claim Kolubara is crucial to Serbia's energy security, critics said expansion has come at heavy social and environmental cost.
Europe: The head of the European Bank for Reconstruction and Development (EBRD) has defended its coal investments and warned that low carbon ideology should not steer decisions on which energy projects it backs.