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.
Modernisation fund
The Modernisation Fund can make a big difference. Redirecting future spending away from polluting energy sources while increasing support for sustainable energy investments would help Europe reduce emissions, slash air pollution, cut energy bills, improve energy security, and end the EU’s dependence on authoritarian regimes. To realise its potential, the Modernisation Fund needs to reform.
But will the EU seize the opportunity or leave its citizens to suffer the consequences?
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 started operating in 1987. In 2024, the plant delivered 4359 GWh of electricity to the grid, around 14 per cent of the country’s coal-based generation.
Latest news
Kontrowersje wokół budowy elektrowni węglowej w Rajkowach
Bankwatch in the media | 22 September, 2011PELPLIN. Nie odbyła się zaplanowana na 20 września debata o elektrowni węglowej w Rajkowach z udziałem niezależnych ekspertów, przedstawicieli inwestora oraz samych mieszkańców. Zdaniem władz gminy zabrakło czasu na jej organizację. Trwają negocjacje nad nowym terminem.
Read moreEBRD Board of Directors must face responsibility for long-term partner EPS’ wrongdoings
Press release | 25 July, 2011Belgrade – Today, over 70 protesters from the Vreoci community is gathering in front of the Belgrade EBRD offices to protest abusive practices by state-owned Elektroprivreda Srbija (EPS), in London, the bank’s Board of Directors is congratulating itself for another profitable deal with the energy company. The EBRD cannot continue to brush off responsibility for corruption acts and human rights abuses committed by their long-term business partner.
Read more18 000 ask Slovenia to adopt clean energy. EBRD and EIB, take a hint.
Blog entry | 5 July, 201118 000 people from around the world have asked the Slovene government to adopt a future proof National Energy Plan that doesn’t rely on fossil fuels or nuclear energy. Bankwatch research coordinator Pippa Gallop took part in handing over the list of signatories yesterday and points out that European public banks also need to take the message seriously.
Read moreRelated publications
Clear rules on nature and water benefit renewable energy development and biodiversity: Joint civil society position paper on the inclusion of the EU Habitats, Birds and Water Framework Directives in the Energy Community Treaty
position paper | 30 June, 2026 | Download PDFThis joint civil society position paper, supported by 78 civil society organisations, provides an insight into why it is crucial to include the relevant provisions of the EU Habitats, Birds and Water Framework Directives in the Energy Community Treaty.
Comply or Close: Eight years of deadly legal breaches by Western Balkan coal plants
Report | 23 June, 2026 | Download PDFThis report exposes the systematic, deadly breaches of air pollution limits by coal-fired power plants in the Western Balkans – eight years after new pollution standards entered force.
Hydrogen buses in Poland: Where did it all go wrong?
Report | 18 May, 2026 | Download PDFThe main aim of this report is to highlight the major issues faced by Polish local authorities and public transport operators that have adopted hydrogen-powered buses as part of their decarbonisation efforts
