Major blow to Bosnia hydropower project as Germany’s KfW drops financing plans
28 January, 2022
German development bank KfW has today confirmed that it is dropping plans to finance the controversial Janjići hydropower plant on the river Bosna in Bosnia and Herzegovina.
Read moreEU bank chief ‘ready to close gaps’ on rights abuses and environmental damage
27 January, 2022
At today’s annual press conference of the European Investment Bank, president Werner Hoyer committed his institution to be ‘second to none’ and take steps to correct a poor record of human rights violations and environmental damage caused by the world’s largest international lender.
Read moreNew complaint on hidden EIB hydropower financing in Serbia shows need for tighter standards
27 January, 2022
As the EIB prepares to adopt a new environmental and social policy next week, an NGO complaint to the Bank’s Complaint Mechanism shows why the Bank’s standards for financial intermediaries urgently need to be tightened.
Read moreIn Bulgaria, a cautionary tale for the energy transition as country abandons coal to gas switch
21 January, 2022
In 2021, the Bulgarian (interim) government announced that it had decided to transform the huge Maritza Iztok 2 coal-fired power plant into a steam-gas plant – (to replace 1.4 GW of coal capacity with a minimum of 1 GW of gas). The government has sought funding from the EU’s Recovery and Resilience Facility, the Modernisation Fund and other unnamed private sources.
Read moreModernisation Fund to boost fossil fuels in Poland
21 January, 2022
Billions of euros earmarked for a green transformation and renewables may instead finance fossil gas and waste incineration. Fears are coming true that without transparent public oversight, the Modernisation Fund would become a pipeline for projects harmful to the climate and environment. The Polish example shows that investments banned from the Cohesion and recovery funds are moved to the Modernisation Fund.
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