The Western Balkans: EBRD’s public money to finance coal plants that threaten EU’s long-term climate targets?
March 18, 2013
The Western Balkans countries are aspiring to become members of the European Union. At the same time, 6195 MW of new coal and lignite plants are planned to be built in the Western Balkans, which will still be operating by 2050 and threaten these countries’ ability to comply with EU long-term decarbonisation objectives. The European Bank for Reconstruction and Development is planning to support some of these power plants via its loans.
The EBRD, KfW, coal and corruption: European money in the Kolubara mine in Serbia
March 12, 2013
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.
Bankwatch Mail 55
March 7, 2013
On the occasion of the Climate Parliament meeting in the European Parliament and with both the EBRD and EIB currently undertaking reviews of their respective energy policies, this issue of Bankwatch Mail takes another close look at the banks’ energy lending, including nuclear and shale gas in Ukraine, coal in Kosovo, the European Commission’s thoughts on the EIB’s energy lending. It also showcases a range of bright ideas from the winners of our EU funds competition, aimed at stimulating new thinking on how future EU budget spending can practically assist local communities and the environment, and more…
New nuclear risks in Ukraine – EBRD urged not to back lifetime extensions under the guise of ‘safety’
March 7, 2013
The European Bank for Reconstruction and Development is expected to take a decision this month on whether or not to provide a EUR 300 million loan for a nuclear power plant Safety Upgrade Programme (SUP) in Ukraine. Bankwatch and other environment groups are questioning the logic of the proposed SUP as it will result in some of Ukraine’s old nuclear units continuing to operate for another 20 years.
EIB hit by activist hoax, pledges to continue hitting climate
March 7, 2013
The European Investment Bank’s annual press conference in the final week of February proved to be significantly more revealing about the bank’s commitment to fueling climate change than is the norm for the EU bank.
Building renovation must be top of the EU budget priority list for 2014-2020
March 7, 2013
The renovation of buildings to high energy performance standards has the potential to be the most cost effective investment any European nation can make, given the benefits in terms of job creation, quality of life, economic stimulus and energy security that such investments deliver. For these reasons the Buildings Performance Institute Europe (BPIE) is advocating for the maximum possible allocation of EU funds to the energy renovation of buildings under the recently agreed multi-annual financial framework (MFF) for 2014-2020.
Kolubara mine “mired in crime and corruption”
March 7, 2013
At a press conference in January, Serbia’s energy minister Zorana Mihajlović spoke out strongly against the Kolubara mining complex, describing it as being “mired in crime and corruption” while also announcing that a thorough investigation is ongoing into corrupt practices by the Kolubara management. Bankwatch believes that this latest confirmed scandal at Kolubara should be giving the EBRD serious pause for reflection as it considers yet another loan to the Serbian electricity company EPS, heavily implicated in these latest revelations.
Monsanto drops off the EBRD menu at least for now
March 7, 2013
“Please be advised that, in this particular transaction, the EBRD and Monsanto were unable to find a satisfactory project structure for financing. Each institution will continue to explore other opportunities in order to provide farmers and distributors with adequate and time-appropriate financing, which we recognize to be one of the key challenges to increase agricultural productivity in the Bank’s region of operations.”
Win win win – CEE public show how to inject quality into EU funded projects
March 7, 2013
Bankwatch’s competition devoted to showcasing ideas for EU funds investments that can generate sustainable development for European communities has proved to be a big success – and it should offer inspiration to EU and national level decision-makers as the task of setting operational programmes, the blueprints for how to spend the EUR 960 billion pot for the 2014-2020 budgetary period, now gets underway.
EBRD enters Kosovo: Past IFI failures must be heeded
March 7, 2013
Kosovo has just celebrated the fifth anniversary of independence. In these five years, Kosovo has achieved membership of certain international financial institutions (IFIs): having already joined the IMF and the World Bank, on December 17 last year Kosovo became the 66th member of the European Bank for Reconstruction and Development. Yet what can Kosovo’s citizens expect from EBRD membership?