Fossil fuels are fast losing their social license. It is becoming increasingly evident that countries’ continued reliance on dirty hydrocarbons escalates the climate crisis, worsens air pollution and enables war.
Long touted as a ‘bridge fuel,’ fossil gas now needs to be recognised by policymakers for the hurdle to the energy transition that it is, and multilateral development banks should urgently end support for gas projects and gas-dependent companies.
The energy transition has to be just and fast, with citizens, municipalities and workers as critical participants in the process. We are working to ensure no more public money is spent on coal, and public finance is used to accelerate this transition.
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IN FOCUS
Fossil gas
Fossil gas is the new coal. Although often labelled ‘natural,’ fossil gas is a major driver of the climate crisis. There is no more room for new investments in fossil gas projects if we are to avert the worst impacts of the climate crisis and set a path towards decarbonisation.
District heating
District heating and individual heating are still dominated by fossil fuels and inefficient burning of wood without regard to sustainability criteria, in combination with a low degree of energy efficiency. This has to change, since heating plays a crucial role in the transition into a clean and zero-carbon economy.
Just transition
No one should be left behind when we reconstruct our world into one driven by clean energy. Working on just transition brings all actors who believe in fair regional redevelopment to the same table: unions, industry, public administration, governments, civil society and others sharing this goal.
Documentary: Turning the Tide
Our documentary exposes, for the first time, the extent of financial support four of the world’s leading multilateral development banks (MDBs) – the World Bank, the European Investment Bank, the Asian Development Bank and the European Bank for Reconstruction and Development – have been providing to the global fossil fuels industry over the past 13 years.
Our analysis shows that since 2008, the oil, coal and gas business has been enjoying no less than EUR 81.5 billion in support from these government-owned financial institutions in the form of loans, grants, credit lines and guarantees.
Coal projects
Ugljevik power plant, Bosnia and Herzegovina
Commissioned in 1985, the 300 MW coal power plant in Ugljevik, Bosnia and Herzegovina, has become famous for emitting more sulphur dioxide than all of Germany’s coal power plants in 2019.
Pljevlja I power plant, Montenegro
The existing 225 MW Pljevlja thermal power plant in the north of Montenegro, near the borders with Serbia and Bosnia-Herzegovina, has been operating since 1982. The plant was originally planned to comprise two units but the second one was never built. The plant, along with the extensive use of coal and wood for heating, has caused unbearably bad air quality in the town.
Kostolac B power plant (B1, B2), Serbia
The Kostolac B power plant, consisting of 2 units of 350 MW each, first entered into operation in 1987. In 2022, the plant delivered 4388 GWh of electricity to the grid, nearly 20 per cent of the country’s coal-based generation.
Latest news
No excuses for the EIB to finance Sostanj
Press release | 21 December, 2012Ljubljana — The Slovenian parliament has ratified today – in an extraordinary session, right before the start of the Christmas holidays – the state guarantee contract between the European Investment Bank and the Slovenian government for a 440 million euros loan for the construction of a new coal unit at Sostanj.
Read moreThe World Bank’s climate hypocrisy
Bankwatch in the media | 17 December, 2012Last week, the bank said 4C of global warming ‘simply must not be allowed to occur’. This month, it is considering whether to provide financing for a new coal-fired power plant in Mongolia
Read moreNew report shows World Bank tough talk on climate is just a mirage in Mongolia’s Gobi desert
Press release | 14 December, 2012Ulaanbaatar, Mongolia – Just one week after its grim warning during the UN climate talks in Doha that the world is on a path towards a four degree-rise in global temperatures, the World Bank is set to approve financing for yet another coal plant. The plant will power a giant mining complex in Mongolia’s South Gobi desert, fuelling climate change and violating the Bank’s own policies, argues a new analysis from advocacy groups.
Read moreRelated publications
A well-designed national energy efficiency fund in North Macedonia will enable long-term energy savings in the residential and public sectors
Briefing | 20 December, 2024 | Download PDFEstablishing national energy efficiency funds is one of the best mechanisms to increase investments in energy efficiency across all sectors.
Joint statement: Urgent call to IFC and EBRD to impose conditionalities on Oyu Tolgoi’s new loan
Joint statement | 20 December, 2024 | Download PDF37 civil society organisations from around the world have signed a joint statement on the new loan proposal for the Oyu Tolgoi mine in Mongolia.
The European Commission’s proposed Reform and Growth Facility for the Republic of Moldova
Briefing | 4 December, 2024 | Download PDFThis briefing uses the experience from the EU’s Recovery and Resilience Facility and the Western Balkans Reform and Growth Facility approved earlier this year to propose improvements in the Commission’s proposed Regulation.
