EU

Long awaited investigation into Glencore for alleged tax dodging shows EU Bank's lack of transparency and vulnerability to abuse

February 5, 2015

Brussels - The European Investment Bank (EIB) is virtually powerless in the face of abuse of its own funds, an internal investigation published last week by the EIB shows. What’s even worse is that the EIB’s new transparency policy - to be adopted in the coming weeks - would formally allow the bank to keep such internal investigations into abuses of its funds secret, hereby undermining public scrutiny of public money.

Institution: EIB

Theme: Social & economic impacts, Development

Tags: Glencore, Mopani, tax evasion, transparency, EU, Global South

European Investment Bank confirms plans to finance Trans-Adriatic Pipeline

On February 2, during the annual meeting between civil society and the European Investment Bank’s (EIB) Board of Directors, the EIB revealed that the Trans-Adriatic Pipeline (TAP) was among its priority projects for 2015 in the Balkans.[*]

The Trans-Adriatic Pipeline, planned to stretch from Greece via Albania and the Adriatic Sea to Italy, is part of the Southern Gas Corridor, a chain of projects meant to bring natural gas to Europe from the Shah Deniz offshore gas field in Azerbaijan.

Tags: development energy human rights infrastructure Lukoil natural gas Southern Gas Corridor Trans-Adriatic Pipeline Caucasus EU EU neighbourhood

Institution: EBRD, EIB

Theme: Energy & climate, Social & economic impacts, Development

Civil society aiming to clamp down on EIB tax haven evasiveness

Bankwatch Mail | February 2, 2015

Pressure is mounting on the European Investment Bank to take swift action that addresses weaknesses in its policy on lending to businesses based in tax havens.

Institution: EIB

EBRD suspends loan for Romanian coal plant Turceni

January 30, 2015

Bucharest -- The European Bank for Reconstruction and Development (EBRD) confirmed this week that it has suspended plans to finance the refurbishment of the Turceni coal power plant in Romania. The project is currently subject to a number of legal challenges on environmental grounds and Romanian authorities are investigating allegations of corruption at the plant.

Institution: EBRD

Theme: Energy & climate

Tags: coal, success, Turceni, Balkans, EU

Letter to EIB directors: EIB final draft of transparency policy is insufficient

Advocacy letter | January 27, 2015

One week before the European Investment Bank’s board of directors is expected to approve the bank’s new transparency policy, 13 civil society groups warn the EIB's directors that the draft policy amounts to a weakening of the already dismal transparency standards of the EU’s house bank.

Institution: World Bank Group

EIB set to weaken transparency standards

January 27, 2015

Brussels -- One week before the European Investment Bank’s board of directors is expected to approve the bank’s new transparency policy, 13 civil society groups* monitoring the EIB warn that, as it stands, the draft policy amounts to a weakening of the already dismal transparency standards of the EU’s house bank.

Institution: World Bank Group

Theme: Development

Tags: Aarhus convention, financial intermediaries, tax evasion, transparency, EU, Global South

Croatians say no to coal in referendum

January 26, 2015

Zagreb – Inhabitants of the city of Ploče on the Croatian coast overwhelmingly rejected a plan to build an 800 MW coal plant in their town in a referendum taking place over the weekend. The vote raises questions about the acceptability of other coal projects planned in the country, including the controversial Plomin C.

Theme: Energy & climate, Development

Tags: Alstom, coal, HEP, Marubeni, Plomin C, referendum, Balkans, EU

Citizens of Romanian town protest against EBRD long-term "strategic" client Kronospan

Protests against a new Kronospan formaldehyde plant in the Romanian town of Sebes continue into their third week. Their history dates more than ten years back when the company came to modernise the local plant with financing from the European Bank for Reconstruction and Development. The ongoing demands for breathable air cast a shadow over the EBRD’s promises of sustainable development and transition.

Tags: development formaldehyde Kronospan local communities local impacts manufacturing pollution protests transition Balkans EU

Institution: EBRD

Theme: Social & economic impacts, Development

UPDATE 7: Juncker on the investment offensive ... against Europeans, the economy and the environment

Labelled the €1.3 trillion investment offensive, more than 2000 projects have been identified by the European Commission’s new Task Force on Investment (made up of representatives of the EC, EIB and member states) for fast-tracked financing from President Juncker’s recently announced €315 billion stimulus plan.

Tags: Antwerp Ring Road Aschach coal Czeczott dam Danube displacement economics EFSI environmental impacts growth Gubin health hydropower incinerators investment package Juncker lignite Lipno mining nuclear pollution protected areas protests resettlement Rovinari safety Slatinka sustainability tunnel Turceni Vltava waste Zagreb CEE EU

Institution: EIB

Theme: Energy & climate, Transport, Resource efficiency, Social & economic impacts, Other harmful projects, Development

Pipe Dreams: Why the Southern Gas Corridor will not reduce EU dependency on Russia

January 21, 2015

Brussels – The Southern Gas Corridor, the EU’s new pet energy project, is not only unnecessary in light of gas demand projections, but also seems likely to fall short on the much flaunted goal of bringing energy independence from Russia, according to a new NGO study “Pipe Dreams” published today.

Institution: EBRD, EIB, ADB

Theme: Energy & climate, Social & economic impacts, Development

Tags: Azerbaijan, energy independence, energy security, Euro-Caspian Mega Pipeline, gas, human rights, pipeline, Southern Gas Corridor, TANAP, TAP, Caucasus, EU, EU neighbourhood