The EBRD, KfW, coal and corruption European money in the Kolubara “Environmental Improvement” project, Serbia
Publisher: CEE Bankwatch Network
Volume: 4 pages, pdf
Description:
The EBRD approved financing for the project in 2011 – the fourth in a series of five EPS-sponsored projects approved by the bank since 2001. In 2012 the EBRD also announced its interest in providing a further EUR 400 million loan for the planned new 750 MW Kolubara B lignite unit, sponsored by EPS and Italian company Edison. Although the EBRD is mandated to promote environmentally and socially sound sustainable development, almost half of EBRD funding for energy projects in the six years to 2011 was devoted to fossil fuels. The EBRD's project pipeline in southeast Europe indicates that the bank is planning to continue supporting coal and lignitepowered electricity generation in the region.