Romanian environmental inspectorate orders closure of two coal plants operating outside EU pollution laws
Press release | 30 June, 2015Last week the Environmental Inspectorate in Hunedoara, Romania demanded the closure of two thermal power plants at Mintia and Paroşeni, because neither of the units complies with air quality requirements of the EU’s Large Combustion Plants Directive (LCPD). Hunedoara Energy Complex, which manages the Mintia and Paroşeni plants, has challenged the decision in court.
Read moreEuropean Parliament approves Juncker Investment Plan, lacks guidance and oversight
Press release | 25 June, 2015Today the European Parliament approved the regulation establishing the European Fund for Strategic Investments (EFSI) at the heart of President Juncker’s EUR 315 billion investment plan. But critics say that the regulation lacks clear provisions for oversight of the fund and guidance for investments in green, sustainable and resource-efficient projects that are part of the fund’s mandate.
Read moreAfter Slovenia’s Sostanj coal power plant debacle, is any bank going to finance Croatia’s Plomin C?
Blog entry | 12 June, 2015Slovenia’s newly built Sostanj 6 is expected to generate losses of around EUR 200 million over the next 3-4 years. Given that Croatia’s Plomin C project shares some of Sostanj 6’s features could Croatia be about to repeat its neighbour’s mistakes?
Read moreItalian mayor stands up against EU priority gas pipeline
Blog entry | 8 June, 2015Local opposition against the Trans-Adriatic gas pipeline (TAP) is growing as an Italian mayor made clear in an open letter to the European Commission and European public banks.
Read moreWill energy efficiency be sidelined in the Energy Union’s implementation?
Blog entry | 8 June, 2015EU energy ministers are meeting in Brussels today to discuss the implementation of the Energy Union. Looking at what has been discussed so far, the strategy may not prioritise energy efficiency enough to help Europe become climate-friendly.
Read moreTransforming development finance? Europe’s multilateral lenders fail on aid transparency
Blog entry | 4 June, 2015The recently published 2015 Aid Transparency Review concludes that the European Union is off track from meeting its aid transparency commitments. Europe’s two multilateral development banks are indicative of the altogether rather disappointing outcome.
Read moreParliament warns of risky financing, demands more accountability at Europe’s bank
Press release | 30 April, 2015In its annual resolution on the European Investment Bank, Members of the European Parliament have criticised the bank’s Project Bond Initiative, warning that the risk-sharing instrument bears similarities to those proposed under the Juncker Investment Plan.
Read moreEurope’s back is to the future: Bankwatch and Counter Balance statement on the first projects of the European Fund for Strategic Investment (EFSI)
Press release | 23 April, 2015Yesterday the European Investment Bank announced the first four projects to be financed from the EUR 315 billion EFSI. These include EUR 303 million for health care research in Spain, a public-private partnership in the Irish health sector, the expansion of the Dubrovnik airport in Croatia and a nineteenth century Italian steel factory.
Read moreTax dodging, development and European public banks
Blog entry | 22 April, 2015A new report highlights how the weak taxation policy of the European Investment Bank is undermining its ability to serve public interest in Europe and the Global South at a time when the use of tax haven is exposed as one of the most important barriers to development.
Read more“Fight tax havens, start with the European Investment Bank”, argues new report
Press release | 21 April, 2015Counter Balance & Re:Common press release The European Investment Bank (EIB) was the first Development Financial Institution (DFI) to adopt a tax haven policy in 2009. However, more than five years on EIB money still runs via tax havens. A new report by Counter Balance and Re:Common* ‘Towards a Responsible Taxation Policy for the EIB’ which is launched today calls on the EU’s public bank to grasp the political momentum at EU level to prevent any public money from flowing through tax havens. Country by country reporting, identification of beneficial ownership and a workable list of non-compliant jurisdictions would be key ingredients of a real “Responsible Taxation Policy”.
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