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Tug of War: Fossil fuels vs. green energy at the EBRD
May 17, 2012 | Read more
The briefing summarises the findings of the Bankwatch study ‘Tug of War: Fossil fuels vs. green energy at the EBRD’. The study shows that almost half of the 6.7 billion euros lent to energy related projects by the European Bank for Reconstruction and Development (EBRD) between 2006-2011 goes to support for fossil fuels. This will prevent the bank’s commendable efforts to increase lending to new renewables and energy efficiency from actually making a difference in the global fight against climate change.
The Coalition for Sustainable EU Funds supports the principle of thematic concentration in the European Commission’s Cohesion Policy legislative package from October 2011. However, changes brought forward by some Member States risk hampering a critical mass of investments in areas that help deliver on EU agreed targets by 2020, especially the Europe 2020 Strategy targets.
Brussels – As EU Ministers of Finance are currently gathering at the Annual General Meeting of the European Investment Bank (EIB) to discuss a possible capital increase, civil society organisations that monitor the EIB say the bank is not ready for such a move.
Ahead of the European Investment Bank’s annual meeting, Counter Balance and Bankwatch have chosen an unconventional way to remind the EIB shareholders of the bank’s chequered track record.
