Trans-Adriatic Pipeline a major risk for banks, warns new analysis

Brussels, Belgium — An analysis published today by the finance watchdog groups Counter Balance and BankTrack has warned potential commercial bank investors to steer clear of the Trans-Adriatic Pipeline (TAP) owing to the project’s non-compliance with the Equator Principles, a set of risk management guidelines for project finance adopted by 89 commercial banks around the […]

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European Fossil Fuel Subsidies Awards

Counter Balance supports the European Fossil Fuel Subsidies Awards, launched by CAN Europe. Most governments don’t like to talk about the fact that they are giving money to fossil fuels, and in some cases they do what they can to hide them. It is simply unfair to European citizens to keep these subsidies in the […]

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The NGOs’ point of view presented to the EIB Board of Directors

Human rights, climate, accountability. These are the main areas needing urgent improvement in the EU’s bank activities, flagged NGOs to the EIB Board of Directors last Monday 30th January, on the occasion of the traditional annual meeting with civil society. There, the Counter Balance coalition did not miss the chance to raise the most urgent […]

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Turkish gas companies with corrupt past get World Bank loan

Originally published on Climate Home. Businessmen who have secured contracts to build massive gas pipeline linking EU and Azerbaijan were convicted for tender rigging and bribery. By Karl Mathiesen The World Bank has approved $800m in loans for a gas pipeline through Turkey and Azerbaijan that will be built by several companies with a history of corruption scandals. […]

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Bratislava Bypass, flagship EFSI failure: non-transparent decisions for dubious public benefit – New report

  A EUR 1.76 billion-worth project guaranteed through the European Fund for Strategic Investments (EFSI)i, the Bratislava Bypass is a public-private partnership (PPP) supported by the Slovak government and promoted as the biggest EFSI project in Central Eastern Europe. Yet, preferred by the government to greener and more effective solutions to the traffic problems of […]

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Revealed: the EU’s flagship energy project is built by companies with a legacy of corruption

December 13, 2016 Prague – CEE Bankwatch Network No less than 15 firms contracted to build the Trans Adriatic Pipeline (TAP) and the Trans Anatolian Pipeline (TANAP), the two main sections of the so-called Southern Gas Corridor, have been implicated in various forms of corruption in the past, according to a CEE Bankwatch Network report […]

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