Caucasus

Since the early 1990s, the EU has actively sought the development of both the oil and gas sectors in former Soviet republics. Energy security, the cornerstone of the EU’s foreign policy became the driving force behind the European Neighbourhood Policy. Investments through the EU’s Neighbourhood Policy Instrument and public banks have supported the development of unsustainable energy systems in most Eastern Partnership (EaP) countries. Like in other countries, the EaP region received more for fossil fuels than renewable sources of energy.

A Bankwatch research into the EU's development funds for neighbouring regions finds that considerably more European taxpayer money is supporting fossil fuels than facilitating a sustainable energy transition.

This infographic belongs to a report presented in November 2015 to the European Parliament.

See the report's excutive summary >>

These comments on the Environmental Impact Assessment (EIA) report for the Nenskra hydropower plant in Georgia concludes that the quality of the submitted report is extremely poor. The report as well as the public hearings organised during its preparation do not comply with Georgian legislation or with the requirements of International Financial Institutions.

The Board of the Extractive Industries Transparency Initiative (EITI), a coalition of companies, governments, investors and civil society organisations has unanimously downgraded Azerbaijan to a "candidate country". Azerbaijan will be suspended from the EITI in April 2016 if it does not comply with a set of requirements that ensure civil society can work freely in the country.

On Wednesday 22 July the European Bank for Reconstruction and Development (EBRD) will decide whether it will arrange a loan of up to $ 500 million to Russia’s Lukoil for the Shah Deniz II offshore gas project in Azerbaijan.

Together with the campaigners of Sport for Rights and sixteen other NGOs, Bankwatch has written a letter to the EBRD’s president and its directors. We urge them to reject the project because Azerbaijan fails the EBRD’s basic requirements which include human rights, multi-party democracy, rule of law and pluralism.