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
Sostanj lignite thermal power plant unit 6, Slovenia
In 2016 a new 600 MW unit at the Šoštanj lignite power plant (TEŠ6) started commercial operations. It has turned out to be a financial disaster. Slovenia’s official coal exit date is 2033, but the plant will likely close much earlier.
Latest news
European Commission fuels hydrogen fantasies – but MEPs can still halt the next array of fossil fuel follies
Press release | 1 December, 2025A bill tabled today by the European Commission foresees a massive build-up of hydrogen projects, despite growing expert consensus that hydrogen can only thwart Europe’s decarbonisation efforts.
Read moreSofia’s burned lesson: Why the Western Balkans must ditch waste incineration
Blog entry | 25 November, 2025While Western Balkan governments scramble to solve their energy and waste crises by turning to incineration, a clear lesson is emerging from the EU: burning waste is a dead end.
Read moreWith a revised Action Plan, is the Green Agenda for the Western Balkans finally on track?
Blog entry | 6 November, 2025The European Commission launched the Green Agenda for the Western Balkans in 2020. But five years later, progress is limited. In mid-October, an updated Action Plan was endorsed by Western Balkan leaders. Here we look at whether civil society proposals were taken into account and whether the revised plan can inject new dynamism into the process.
Read moreRelated publications
A perfect storm: The Western Balkans power sector in the time of CBAM
Report | 29 October, 2025 | Download PDFStarting with the EU’s Carbon Border Adjustment Mechanism (CBAM) full implementation in January 2026, most electricity generation companies in the Western Balkans will be heavily affected.
Open Letter to Participants of High-Level Decision-Making Meeting on the 2nd PCI/PMI List
Open letter | 23 October, 2025 | Download PDFIn an open letter ahead of the October 2025 meeting of the EU’s High-Level Decision-Making body on the Projects of Common Interest and Projects of Mutual interest list, Bankwatch and 33 civil society groups warn that the process could be fuelling the EU’s misguided dash for hydrogen, further entrenching dependence on fossil gas and sabotaging Europe’s energy transition.
Six Member States looking to expand gas, waste and nuclear energy with billions from EU climate fund
Briefing | 6 October, 2025 | Download PDFIntended to drive the energy transition in the EU’s lower-income Member States, the Modernisation Fund has been doling out billions to fossil gas and other harmful energy infrastructure.
