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Fuelling the Fire/ European Investment Bank financing for the incineration industry
29, pdf
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Fuelling the Fire/ European Investment Bank financing for the incineration industry
Publisher: CEE Bankwatch Network
Date: June, 2008
Volume: 29 pages, pdf
Description
Waste remains a growing problem in Europe, with only a few countries managing to stabilise or reduce the amount of municipal waste produced, or to achieve high recycling and composting rates. During the last few decades the EU has adopted a number of policies aimed at reducing waste generation and increasing recycling and composting, including the Waste Framework Directive (the revision of which is currently being finalised) and the Landfill Directive, aimed at reducing the amount of untreated organic waste going to landfill. A hierarchy of preferred waste management options has been developed, which is now widely accepted, and stipulates that reduction, re-use then recycling are preferred to energy recovery and then final disposal. The European Investment Bank (EIB), the EU’s house bank, is mandated to promote EU policy with its project investments and invested over EUR 1.5 billion in 33 waste management projects between 2000 and 2006, the majority of which were in the EU. The EIB’s financing is essentially public money - although much of it is borrowed on the financial markets it is guaranteed by EU governments and low-interest EIB loans represent a political seal of approval, serving to encourage other investors to get involved.