Bankwatch blog

Adding to the ongoing febrile atmosphere in the country, Egypt's military-backed authorities just yesterday passed a controversial new law that imposes draconian restrictions on public protest. Meanwhile, in recent weeks the European Bank for Reconstruction and Development has reconfirmed its intention to remain active in the country - despite a number of serious doubts still hanging over its potential impact.

Today, Bankwatch joined other organisations walking out of Warsaw Climate Conference. Under the Polish government's leadership the talks have utterly failed to address the urgency of the situation. Targets have been unambitious, the interests of the fossil fuel industry have been allowed to dominate the discussions, and there is no new financing on the table for climate mitigation and adaptation. This conference has lost credibility in the fight against climate change.

With the United Kingdom, another major shareholder of the European Bank for Reconstruction and Development is divesting from coal overseas. What does this mean for the upcoming decision on the EBRD’s energy strategy?

The European Bank for Reconstruction and Development helped solve conflicts between locals and Ukrainian state company Ukrenergo about an EBRD financed transmission line. On close inspection, the case illustrates that without close monitoring and support for local communities, it is left to chance and locals’ dedication that conflicts are being noticed in the first place.