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MISSING SUSTAINABILITY/ STUDY ON EBRD CONTROVERSIAL ENE...

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Missing sustainability/ Study on EBRD controversial energy lending in Ukraine

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Missing sustainability/ Study on EBRD controversial energy lending in Ukraine



Publisher: CEE Bankwatch Network

Date: 2013

Volume: 12 pages, pdf

Description

The European Bank for Reconstruction and Development (EBRD), a public institution, 60% owned by the EU and its member states, has invested over 1.2 billion euros into energy projects in Ukraine between 2006 and 2013. While the bank’s founding document require it to “promote in the full range of its activities environmentally sound and sustainable development” more than half of the bank’s energy investments in Ukraine for this period hardly served the purpose of sustainable development promotion. In this period the EBRD has supported nuclear energy production and new output capacities for nuclear power plants, export-oriented infrastructure, as well as controversial initiatives in the renewable energy sector. The EBRD has to revise its policies and their practical application in order to stop public money flowing to unsustainable energy projects. Based on the analysis of practical cases in Ukraine, this paper elaborates a number of recommendations towards the EBRD.