European public banks must improve transparency
October 1, 2012
Brussels – The European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) score low on transparency according to the ‘2012 Aid Transparency Index’ [1] published today by the campaign group ‘Publish What You Fund’.
Climate action missing as ministers dance around EU budget ‘Pandora’s box’
September 24, 2012
Brussels, Belgium — Today’s General Affairs Council meeting to discuss the EU’s next Multiannual Financial Framework 2014-2020 (MFF) saw further stalemate between those member states seeking to ensure no cuts to the European commission’s outline MFF proposals, and those member states determined that cuts must occur while insisting that the emphasis must instead be on the ‘quality’ of future MFF spending.
World Bank and Others Poised to Invest in Rio Tinto’s Flawed Mongolian Mining Project
September 24, 2012
Ulaanbaatar, Mongolia — The World Bank Board of Directors has announced plans to consider a copper and gold mining project in the Mongolian South Gobi desert even though the Bank itself acknowledges that there is not enough water in the region to support the life of the Project. Despite ongoing community opposition to Rio Tinto’s Oyu Tolgoi mine and its associated facilities (“OT Project”), the World Bank is considering a financing package of US$900 million in loans and up to US$1 billion in political risk insurance for the OT Project in early November.
EBRD should not invest in Polish energy company suspected of corruption, say European NGOs
September 17, 2012
Warsaw – The European Bank for Reconstruction and Development is considering participating in a EUR 772 million loan for a subsidiary of major Polish energy group ENEA, whose management is currently being investigated by authorities because of alleged irregularities in management and misuse of public funds.
No Half Measures: Investment Needs in Energy Efficiency and Renewables in Central and Eastern Europe
September 13, 2012
Brussels — At least 172 billion euros need to be invested in energy efficiency and renewables in central and eastern Europe over the next seven years to kick start the decarbonisation of the region and create hundreds of thousands of much needed jobs, shows a study published today by CEE Bankwatch Network [1]. The next EU budget (2014-2020) could contribute to these needs if current short-sighted attempts by some member states to cut the overall size of the budget are prevented.
State guarantee vote for TES 6 overshadowed by OLAF corruption investigation
July 20, 2012
A state guarantee law supporting the construction of a 600 MW lignite plant at Sostanj in Slovenia (TES 6) was passed this week despite allegations of corruption against the management of the company remaining unsettled. Even more, the European Anti-Fraud Office (OLAF) recently opened an official investigation into TES 6. (1)
MEPs call for responsible new EBRD mining strategy
July 12, 2012
Brussels – The new mining strategy of the EBRD risks contradicting the EU Resource Efficiency Roadmap and responsible mining principles, argue 22 MEPs in an open letter to European Commissioners which asks the EC to take a more active role in improving the EBRD mining strategy currently under review. (1)
MEP vote on EU budget is test of climate commitment
July 10, 2012
Brussels, Belgium – A European Parliament committee vote tomorrow (Wednesday July 11), with a major bearing on EU budget spending for the 2014-2020 period, must reject the re-classification of fossil fuels as ‘low-carbon’, urged environmental groups today.
Europe’s leaders must not subsidise fossil fuels with next EU budget, say NGOs
June 26, 2012
Luxembourg — Ahead of discussions this week about how the next one trillion euros EU budget will be spent, EU ministers are being urged to get rid of provisions that would allow public money to subsidise the fossil fuels industry.
Member States stepping back from EU’s low-carbon investment agenda
June 13, 2012
Brussels – Representatives of EU Member States meeting tomorrow in Brussels intend to promote the financing of gas distribution, storage and transmission from Cohesion Policy funds meant for low-carbon measures in the next EU budget. Such support for gas would mean the EU’s dependency on fossil fuels will continue for decades, undermining global efforts to combat climate change.
