A clash is raging between nature and finance. On the one hand, the EU is striving to improve the deteriorating state of nature across Europe, with initiatives like the Biodiversity Strategy 2030 and the European Green Deal. On the other, massive amounts of public money continue to flow to infrastructure projects with devastating impacts on the natural world. Our work where finance meets the natural world advocates for adequate protection and restoration projects to ensure a green future for all.
IN FOCUS
Rivers and communities
The countries of the Energy Community Treaty have diverse energy mixes, but hydropower has traditionally played a strong role in many of them. Albania is almost completely reliant on dams for its domestic electricity generation, followed by Georgia with an average of 80 per cent of electricity generated by hydropower and Montenegro with an average of 55 per cent.
EU funds and biodiversity
In May 2020, EU leaders committed to an ambitious Biodiversity Strategy for 2030, outlining the clear need to act on biodiversity loss and address the failing health of nature.
The historic amount of EU funds now available represents a golden opportunity to increase biodiversity spending and fully realise the objectives of the biodiversity strategy.
As well as addressing the biodiversity crisis, strategically supporting nature through EU funds is also one of the most effective ways to tackle climate change, while providing jobs and improved health at the same time.
Yet, with many of the previous strategy’s objectives left unachieved, the pressure now mounts for this decade. Never before has there been so much potential – and urgency – to use EU funds and investments to address the biodiversity crisis.
Related projects
Komarnica hydropower plant, Montenegro
Planned by Montenegro’s state-owned electricity utility EPCG, the need for the Komarnica hydropower plant has never been proven.
EU funds and biodiversity
Nature is in crisis. 81 per cent of habitats in the EU are in ‘poor condition’, and without swift action this will only become worse. We need systemic and wide-reaching action and investments to tackle biodiversity loss and help restore nature before it is too late. The EU has pledged 120 billion of the EU budget to be earmarked for biodiversity by 2026, offering enormous potential to restore and protect nature, providing this is properly invested. We are therefore campaigning to ensure these public funds work for – not against – nature.
Buk Bijela dam and the Upper Drina cascade
Planned as a joint project of public utilities owned by the Republika Srpska entity of Bosnia and Herzegovina and Serbia, Buk Bijela on the upper Drina is being pushed forward in violation of local legislation and international conventions.
Latest news
Nature gets less than 1% of unprecedented EU budget -report
Bankwatch in the media | 16 December, 2022EU Member States are obligated to spend at least 37% of the Recovery and Resilience Facility (RRF, totalling €750 billion) launched to …
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Blog entry | 12 December, 2022This Wednesday, the European Parliament plenary will vote on changes to the Renewable Energy Directive. But the proposals seriously undermine environmental safeguards and set impossibly tight deadlines.
Read moreNew report: proposed EU carbon tax to speed up energy transition in the Western Balkans
Press release | 5 December, 2022Western Balkan countries could collect at least EUR 2.8 billion annually to spend on a just and sustainable energy transition, if a domestic carbon pricing mechanism was in place, finds a new report by CEE Bankwatch Network released today, entitled “The Western Balkan power sector: between crisis and transition”.
Read moreRelated publications
Risky deal, risky business: the Khudoni hydropower plant, Georgia
Study | 26 June, 2009 | Download PDFThis report reviews documents provided by the Georgian government and the World Bank, and a number of independent research reports regarding the Georgian power sector and highlights the concerns of the local people towards the Khudoni HPP as expressed during the public hearings organized in Svaneti in summer 2008.
Letter to the World Bank regarding concerns with the public review of the environmental and social impact assessment for the Khudoni hydropower project
Advocacy letter | 18 July, 2008 | Download PDFOn July 25, 2008 the World Bank responded to our letter. Download the response as pdf here.
