There are many reasons why the Nenskra hydropower plant in Georgia should not be built at all. The project is set to have devastating environmental and social impacts, and its economics are particularly shoddy.
As the realisation of the project keeps dragging on, it is becoming increasingly difficult for the EBRD, and all international financial institutions involved, to justify their engagement.
As the Board of Directors is expected to vote any day now on the renewed Policy which lays out the conditions for reaching the Bank’s sustainability mandate and commitment to EU standards, a compliance review on Serbia’s energy company’s corporate restructuring loan calls for clearer and stronger safeguards for corporate level loans.
The European Bank for Reconstruction and Development (EBRD) will soon conclude the revision of three policies central to the environmental and social governance of its projects: the Access to Information Policy, Environmental and Social Policy, and Project Accountability Policy. Together, these three documents will form the core of the institution’s protocols ensuring communities’ right to information, right to development, and right to remedy.
When the EU’s bank can’t kick the fossil fuels habit
March 27, 2019 | Read more
As the European Investment Bank (EIB) is nowadays preparing a new Energy Lending Policy to guide its investment in energy projects, it seems the world’s largest public lender is not willing to acknowledge its contribution to climate change, the biggest crisis currently facing humanity.
New report highlights misuse of banking secrecy rules
March 26, 2019 | Read more
BankTrack’s study finds that client confidentiality is not an absolute legal requirement in any of the world’s major banking centres. Banks can – and do – include the right to disclose information into their contracts. Will the EIB & EBRD acknowledge this in their policies on intermediated lending?
