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 III lignite power plant, Bosnia and Herzegovina
The concession for Ugljevik III near Bijeljina in Republika Srpska, Bosnia and Herzegovina, is held by Russian billionaire Rashid Sardarov’s Comsar Energy.
Stanari lignite power plant, Bosnia and Herzegovina
EFT’s 300 MW Stanari power plant, constructed by China’s Dongfang, and financed by the China Development Bank, is located near Doboj in Bosnia-Herzegovina, in the Republika Srpska part of the country.
Kolubara B lignite-fired power plant, Serbia
The Kolubara B thermal power plant site is situated near Kalenic village, 60 km south-west of Belgrade, at the northern side of the Tamnava Open Cast Mine. The decision to build the 2 x 350 MW plant was taken in 1983 and construction started in 1988. Construction progressed slowly until 1992, when work was suspended due to sanctions against Serbia. At this stage, about 40 per cent of the facility had already been constructed, partly with the assistance of a World Bank loan.
Latest news
European Commission urged to act on destructive hydropower projects in Romanian protected areas
Press release | 11 May, 2023Bankwatch Romania today submitted a complaint to the European Commission, seeking to reverse an Emergency Ordinance of the Romanian Government, which greenlights nine destructive hydropower projects (1) and is considered to breach three European Union Directives.
Read more‘EU climate bank’ keeps back door open for fossil fuel giants
Blog entry | 2 May, 2023The European Investment Bank (EIB) made history with its decision to stop financing fossil fuel energy from 2022 onwards. By adopting the PATH Framework in October 2021, it seemed the EIB had finally set the conditions requiring its clients to disclose information on their corporate-level emissions, as well as decarbonisation plans. But a year later, it made a U-turn.
Read moreLatvia abandons plans for controversial LNG terminal but still needs to ditch fossil gas
Press release | 12 April, 2023Latvia’s government announced yesterday (11 April) it is terminating plans for a liquified fossil gas (commonly termed liquified natural gas or LNG) terminal in Skulte.
Read moreRelated publications
Joint civil society letter: Creating a truly Paris-aligned EIB
Advocacy letter | 2 May, 2023 | Download PDFThe Fossil Free EIB coalition wrote a joint letter to the European Investment Bank (EIB) to express its views on the upcoming review of the EIB Climate Bank Roadmap.
LNG rush threatens Baltic energy transition: why new LNG infrastructure is a false solution for energy security in the Baltics
Briefing | 14 March, 2023 | Download PDFAs a result of Russia’s war in Ukraine, the Baltic states and Finland, which had relied on Russia for fossil gas imports, now lack sufficient alternative infrastructure to cover regional demand. The main efforts to diversify gas sources and reduce regi
If you’re in a hole, stop digging: a case study on Hungary’s plans to revisit shale gas and on the environmental, social and health impacts of fracking
Briefing | 28 February, 2023 | Download PDFIn 2022, Hungary announced an energy emergency and, to address the crisis, plans to increase domestic fossil gas production. A key part of these plans was to develop an unconventional fossil gas (‘shale gas’) field in Békés county (the Corvinus project
