Litmus test for EBRD rhetoric on democracy with Egyptian oil project
December 19, 2013 | Read more
On December 18 the EBRD board of directors approved a loan of USD 50 million to finance a project aimed at the expansion of oil operations and reducing gas flaring in Egypt. Yet the tenuous political situation in the country continues to raise concerns about the bank’s ability to make a positive contribution towards the democratic process, and whether it should be investing there at all.
At a closer look the EBRD’s new energy strategy, complimented for the restrictions it places on coal lending, reveals a shocking lack of operational knowledge to implement the ambitions outlined in its executive summary.
With only a few weeks to go now until final crucial decisions are taken that will determine Hungary’s EU spending plans for the next seven years, Bankwatch’s Hungarian member group MTVSZ decided last week that it was about time the Hungarian government got its house in order when it comes to beneficial EU allocations for cutting domestic energy bills, stimulating the Hungarian economy and fighting climate change.
Ukrainian nuclear sector in defiance and in financial trouble
December 4, 2013 | Read more
On November 28, the state nuclear regulator of Ukraine (SNRIU) allowed the continued operation of unit 1 of the South Ukrainian nuclear power plant (SUNPP-1) until December 2, 2023 – 10 years beyond its technically designed lifetime. The decision not only constitutes a breach of national regulation, but also disregards an unresolved case of non-compliance with the UN Espoo Convention. All this while Energoatom is in an increasingly tight financial situation.
Is the EBRD deliberately dragging its feet on publishing investigation reports on large hydropower plants in Georgia, Macedonia and Croatia?
EBRD soldiering on in Egypt
November 25, 2013 | Read more
Adding to the ongoing febrile atmosphere in the country, Egypt’s military-backed authorities just yesterday passed a controversial new law that imposes draconian restrictions on public protest. Meanwhile, in recent weeks the European Bank for Reconstruction and Development has reconfirmed its intention to remain active in the country – despite a number of serious doubts still hanging over its potential impact.
