After months of protests and the people in Runcurel, a small town in Romania that is to be swallowed by a lignite mine, have finally received positive news from the Romanian government. During a meeting with Bankwatch Romania and Greenpeace Romania, the Minister for Energy Vlad Grigorescu confirmed that the government will do more to protect locals and their houses.
The European Investment Bank’s lending for climate action between 2013 and 2015 shows that further structural changes are needed to align the bank’s portfolio with the objectives of the Paris agreement.
The European Investment Bank (EIB) must adopt new directives and operating principles to play a meaningful role in realising the EU's goal of a decarbonised and resource efficient economy, say CEE Bankwatch Network and Counter Balance ahead of the bank's annual meeting during the EU finance ministers' Council this Wednesday, May 25.
With an ownership structure heavily influenced by Azerbaijan, the European Commission’s flagship energy project may end up being a costly piece of infrastructure that does not increase Europe’s energy security but offers a tool for political leverage to the authoritarian Aliyev regime.
In its annual resolution on the European Investment Bank adopted today in Brussels, Members of the European Parliament have criticised the bank’s support to projects under corruption investigations. They also called on the EIB to go further on fighting climate change, tax evasion and tax dodging.
Counter Balance and CEE Bankwatch Network welcome the positions taken today by the Parliament in this resolution.
The EU's carbon market rules allow Central and Eastern European Member States to invest up to €12 billion in coal powered energy production. As representatives of the EU Member States are due to discuss the EU ETS this Wednesday, the new publication "Fossil fuel subsidies from Europe's carbon market" adds momentum to the need to overhaul this policy.
Signing the Paris Agreement is an important step in Europe's contribution to the global effort to tackle the climate crisis.
But funding this commitment necessarily passes through the public coffers. To kick-start the much-needed energy transition– by swiftly cutting emissions to reach the global carbon neutrality the Paris Agreement prescribes for the second half of this century –a change of paradigm in public investments in energy infrastructure is needed.