Health and safety on the line in ArcelorMittal’s Kazakh operations
May 14, 2012
The EBRD’s development of a new Mining Strategy saw the publication last month of a draft that will now be consulted on. Among the passages in the draft to catch the eye are “Multi-national firms act as demonstrators of best (or at least better) practices in those EBRD countries of operations where EHS&S (Environmental, health, safety and social) legislation is lacking”, and that “investments by major international mining operators in local mining sites in the EBRD’s countries of operations have often led to rapid and significant improvements in the safety of workers, due to safety standards that generally exceed the most stringent local health and safety requirements”.
Economies of fail: relative efficiency gains don’t mean a lot to the climate
May 14, 2012
According to the International Energy Agency (IEA), 80 percent of the cumulative CO2 that can be emitted between 2010 and 2035 if the world is to have a chance of keeping the global mean temperature rise below 2°C is already “locked-in” to existing capital stock. For a 2°C scenario, all investments after 2017 will need to be in zero-carbon utilities, unless existing infrastructure is scrapped before the end of its economic lifespan.
EBRD maintaining relations with Turkmenistan regime
May 14, 2012
Following the EBRD’s controvesial adoption in 2010 of a ‘calibrated strategic approach’ to guide its activities in the totalitarian state of Turkmenistan, annual discussions between the bank and civil society organisations have been taking place, with the most recent last month.
Private equity and development: a bad joke that’s laughing all the way to the bank
May 14, 2012
For ‘development’ activists used to fighting the excesses of project finance, it’s a bizarre shift. Instead of touting the usual dams and mines, in recent years ‘development’ banks have gone a step further: giving money directly to hedge funds, private equity firms and financial intermediaries, the croupiers of casino capitalism who almost ruined the world economy back in 2007-8 and are well on their way to ruining it properly this time around.
Green initiatives compromised by private equity
May 14, 2012
A new greenfield gas cogeneration power plant Cogen in the north of Slovakia is planned to produce power and heat. It is to be financially supported by both the European Investment Bank and the European Bank for Reconstruction and Development through the private equity EnerCap Power Fund.
Kiev-Chop road rehabilitation
May 14, 2012
The rehabilitation of Kiev-Chop road project that received support from the EBRD and the EIB (each EUR 200 million) was supposed to rehabilitate the M06 Kiev-Chop Highway to European standards. Although the project was rated Category B (without significant adverse environmental impacts) it has seriously affected the life of the villagers of Bolyarka and Berezivka (Vasilivsky district, Zhitomir region) that are located along the rehabilitated road. The briefing is based on a letter sent to the EBRD’s Environmental Department in April 2012.
Bankwatch Mail 52
May 14, 2012
Issue 52 of our quarterly newsletter is a special double edition as this week sees the annual meetings of two of our target institutions, the EIB and the EBRD. Both banks are attracting widspread coverage: the EIB for its potential role in a belated EU-wide drive for growth; the EBRD as it prepares to extend its operations beyond central and eastern Europe into the North Africa region and as it decides on a new president.
Improve quality of EIB lending before increasing quantity – letter to EIB governors
May 12, 2012
The letter, sent shortly before the European Investment Bank’s annual meeting, calls on EIB governors to improve the EIB’s lending before increasing its capital base as a response to the European crisis. The letter argues that in order to offer a long term solution, EIB backed projects should be economically, socially and environmentally sustainable. Right now this is not the case.
EBRD support for Kolubara locking in Serbia’s CO2 emissions
May 12, 2012
Linked to a slew of controversies, the Kolubara lignite mining project in Serbia is in line for support from European public banks. Corruption allegations, pollution at local level, irregularities in resettlement of local populations and not to forget a climate damaging approach to energy investments should be reason enough to find alternative options.
Boskov Most Hydro Power Plant, Macedonia
May 9, 2012
The project Boskov Most HPP involves the construction of a 33 m high dam and a hydro power plant with a total capacity of 68MW. It is mostly located in the territory of the Mavrovo National Park, one of the oldest and most valuable protected areas in the country. Since this is only one of many hydropower projects planned in the country, civil society organisations are calling for an assessment of the cumulative effect of all HPPs planned in the Mavrovo National Park before any further steps are taken.
