Social and economic impacts

The Southern Gas Corridor, a system of mega-pipelines meant to bring gas from the Caspian region to Europe, is unnecessary in light of gas demand projections in the European Union's 2050 Energy Strategy. Neither will the project make European countries independent from Russian gas. At the same time, the USD 45 billion investments will boost Azerbaijan's dictatorial regime and cause damage to local communities and the environment in transit countries like Turkey and Italy.

Locals affected by the road project are facing forceful eviction and have not been properly consulted or compensated. The project promoter reacts to criticism with intimidation.

Tasked with stimulating the European economy, the new investment fund may just become an extention of the European Investment Bank’s normal lending with very limited additional (green) finance.

Linked to a slew of controversies, the Kolubara lignite mine in Serbia will receive loans from European public banks. Corruption allegations, pollution at local level, irregularities in resettlement of local populations and not to forget a climate damaging approach to energy investments should be reason enough to find alternatives to lignite mining.