Bankwatch

NGOs against European bank's plan to fund Egypt's oil drilling project

May 28, 2013

They urged the EBRD “to reject the loan, or at least postpone its decision”

A group of NGOs have announced their opposition to a proposed loan from the European Bank for Reconstruction and Development (EBRD) to fund oil drilling projects in Egypt.

The EBRD is expected to decide on Wednesday whether or not it will provide a $40m loan to Kuwait Energy, according to a statement published by a coalition of NGOs including the Egyptian Centre for Economic and Social Rights, the Egyptian Initiative for Personal Rights and European groups CEE Bankwatch and Platform.

Institution: EBRD

Theme: Energy & climate

Tags: Southern Mediterranean

NGOs oppose European bank’s plan to fund oil drilling in Egypt

May 28, 2013

Source: Joel Gulhane, The Daily News Egypt

The European Bank for Reconstruction and Development proposes a $40m loan for Kuwait Energy to drill for oil

Institution: EBRD

Theme: Energy & climate

Tags: Southern Mediterranean

Victory for civil society as EBRD cancels loan for controversial Croatian dam

May 28, 2013

Zagreb, May 28 – Croatian electricity company HEP and the European Bank for Reconstruction and Development (EBRD) have cancelled a EUR 123 million loan contract for the controversial Ombla underground hydropower plant near Dubrovnik, HEP has announced yesterday.

The EBRD financing would have covered the biggest bulk of the EUR 152.4 million estimated to be needed for construction.

Institution: EBRD

Theme: Energy & climate

Tags: Balkans

Letter on Kolubara lignite mine to the Delegation of the European Union to the Republic of Serbia

Advocacy letter | May 28, 2013

The letter brings the resettlement and expropriation issues that are connected to the Kolubara lignite mine to the attention of the EU's representation in Serbia. Enclosed were recent letters to the EBRD and the Serbian finance minister (pdf) as well as a guardian article that illustrates the urgency of these problems.

Institution: EBRD

Theme: Energy & climate, Social & economic impacts

Concerns about the proposed EBRD loan to Kuwait Energy

Briefing | May 27, 2013

This analysis looks to the proposed loan of the EBRD to Kuwait energy, scheduled for approval on 29 May.

Primary findings are that:

The EBRD failed to properly identify the beneficiary of the loan, or the country where it is incorporated (the tax haven Jersey).
The fossil fuel nature of Kuwait Energy's drilling will fail to improve development or social justice in Egypt. While the EBRD claims to prioritise renewable energy, the reality shows a commitment to further oil & gas extraction, one of the few sectors that can easily attract capital.

Institution: EBRD

Theme: Energy & climate

Groups oppose European bank's plan to finance oil drilling in Egypt

May 27, 2013

On Wednesday 29 May the European Bank for Reconstruction & Development (EBRD) will vote on whether to make a $40 million loan to Kuwait Energy to drill and extract oil in Egypt. Egyptian and international organisations are pushing the board of the public multilateral bank to reject the loan – or at least postpone its decision.

Theme: Energy & climate

Tags: Southern Mediterranean

EU leaders support green energy campaign: The European Council calls for phasing out fossil fuel subsidies

Just as Bankwatch published a new infographic juxtaposing the European Investment Bank's beneficial and harmful energy lending, Europe's political leaders have set a priority for energy investments to phase out fossil fuel subsidies and focus on clean energy instead.

Tags: coal EIB energy energypolicy EUCO European Council fossil fuels infographic EU

Institution: EIB

Theme: Energy & climate

The European Investment Bank's energy lending: stuck in the past or facing the future?

May 23, 2013

The European Investment Bank, the house bank of the European Union, which directs a fifth of its annual lending portfolio of 60 to 70 billion euros to energy projects, is currently reviewing the policy document that guides its lending to the power sector. On this occasion, Bankwatch is publishing a poster of positive and negative examples of the bank’s lending to energy projects.

Institution: EIB

Theme: Energy & climate

Tags: coal, EIB, energy efficiency, energypolicy, fossil fuels, infographic, renewables, visualisation, EU

The EIB's energy lending: stuck in the past or facing the future?

Leaflet | May 21, 2013

This poster examines positive and negative examples of the European Investment Bank's energy projects. It illustrates why it matters what will be in the future energy lending policy of the EU's bank.

See an interactive version of the poster >>>

Institution: EIB

Theme: Energy & climate