Bankwatch Mail 54
Publication | 14 December, 2012In the ‘aftergloom’ of two major inter-governmental get-togethers – the latest UN climate talks in Doha and the EU budget summit in Brussels – Bankwatch Mail 54 discusses the revision of the energy lending policies at both the EIB and the EBRD – an opportune moment for both banks to show real climate ambition and turn their backs on fossil fuels. In an interview the new EBRD president Sir Suma Chakrabarti shows that much is moving as the bank juggles such hot potatoes as potential support for Monsanto’s expansion into our region while trying to lay down new roots in post-Arab Spring north Africa.
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Financial alchemy in Slovenia’s energy sector still results in lignite, not gold
Blog entry | 11 December, 2012Even with the latest investment plan for unit 6 at the Sostanj lignite power plant (TES 6), the project’s economics are (surprise, surprise) still distinctly shaky as an independent analysis shows. Nonetheless, the project looks ever more likely to get a state guarantee from the Slovene government.
Read moreDirty coal gets closer to receiving almost half a billion euros from EU taxpayers
Press release | 3 December, 2012The European Investment Bank (EIB) is gearing up to pay 440 million euros to a new 600 MW lignite plant in Slovenia at a time when calls for an end to subsidies for fossil fuels are intensifying all over the world.
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First major project in Egypt reveals transparency oversight by European public banks
Blog entry | 13 November, 2012A $3.7 billion PPP oil refinery expansion in Cairo is accompanied by contradictory project documents, making a mockery of claims by the public banks involved to be committed to “good governance” or democracy. Despite being presented as merely translations of one document, the Arabic and English “versions” are entirely different – with the Arabic markedly cursory and superficial.
Read moreLetters to companies shortlisted to bid for the Plomin coal power plant
Publication | 8 November, 2012Four companies have been shortlisted and invited to submit binding bids for the construction of unit C at the Plomin coal power plant in Croatia. Croatian Bankwatch member group Zelena Akcija/Green Action sent letters to all four companies with information on the legal and economic challenges of the project and the local opposition against it.
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Public-private partnerships in the EU at lowest level for ten years, but more blood transfusions from project bonds coming soon
Blog entry | 7 November, 2012Although public-private partnerships appear to become increasingly untenable for public authorities, they are further being promoted by the European Commission and the European Investment Bank. An official in-depth evaluation of this financing model, however, is still nowhere to be seen.
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Crunch time at Sostanj
Blog entry | 5 November, 2012November is shaping up to be crunch time for a new 600 MW lignite plant planned to be built at Sostanj in Slovenia. If the Slovenian government doesn’t manage to offer a state guarantee for loans from European public banks that should cover half the construction costs by the end of this month, the project could fail. At Bankwatch, we’re preparing our popcorn for the latest Sostanj thriller, on show across Europe this month.
Read moreCovering the Balkans in Soot: The New European Energy Community Strategy Favours Fossil Fuel Reliance
Press release | 17 October, 2012Brussels — Neighbouring countries of the EU from the Western Balkans to Ukraine are planning unsustainable energy futures relying on coal and nuclear. An energy strategy for the region to be approved Thursday by the European Energy Community indicates that such investments in dirty fuels could happen with EU support and financing.
Read moreNew Slovene legal requirements for Šoštanj lignite power plant (TEŠ 6) regarding CCS
Publication | 17 October, 2012On September 8, 2012 new legislation entered into force in Slovenia that requires TEŠ to prepare an assessment of the CCS readiness for its new Unit 6. Pursuant to this legislation, proper assessment of the CCS readiness for the Unit 6 has not taken place yet. As a result, TEŠ has not met the legal requirements regarding the CCS assessment and therefore it is not possible to determine its CCS readiness under the Slovene law. Letter available as pdf: Letter to the European Investment Bank >>> Letter to the European Bank for Reconstruction and Development >>>
Read moreComments on draft European Energy Community Strategy – an unsustainable energy future
Publication | 15 October, 2012Neighbouring countries of the EU from the Western Balkans to Ukraine are planning unsustainable energy futures relying on coal and nuclear. The energy strategy of the European Energy Community indicates continued reliance on coal and nuclear energy which could happen with EU support and financing.
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