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The EU’s bank downplayed climate risk in granting record loans to Europe’s largest fossil fuel project

PRESS RELEASE CEE Bankwatch Network, Counter Balance, Friends of the Earth Europe, Re:Common February 7, 2019 Brussels In a complaint lodged today with the European Investment Bank (EIB), civil society groups protest that the bank systematically underestimated the climate footprint of a fossil fuel mega project, the Southern Gas Corridor, which helped justify providing it […]

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EU bank urged to free itself from fossil fuels and take climate leadership, as it discusses new energy policy

Brussels, 4 February 2019 Civil society calls on European Investment Bank (EIB)’s President Werner Hoyer to take a bold stance in the fight against climate change and lead the bank out of fossil fuels by shifting its investments towards renewable energy and energy efficiency. The  “Fossil Free EIB” campaign has been launched today alongside a […]

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EIB 60th Anniversary: bank Governors called to act on key reforms in NGO open letter

For the 60 Anniversary of the European Investment Bank (EIB), a group of 21 European NGOs sent a letter to the Governors of the bank who are meeting in Luxembourg on 22 June 2018. This open letter highlight key challenges for the EIB in the context of the negotiations over the next EU budget and the […]

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Uncertainty looms on the future of TAP, as EBRD envisages loan decision

By Elena Gerebizza, Re:Common After months of suspense and hesitations, the new Italian government is finally settled in Rome and didn’t wait long to fire out some first juicy declarations. Based on a “political contract” between the 5star Movement and the Northern League, the government’s patchwork agenda envisages to re-discuss planned big infrastructure projects – […]

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Controversial Turkish-Azerbaijani gas pipeline gets major EU loan

15 March 2018 Prague, Brussels, Rome, London – Today the board of directors of the European Investment Bank (EIB) green-lighted a EUR 932 million loan to the Trans Anatolian gas pipeline (TANAP), the Turkish section of the Southern Gas Corridor, a month after handing out the largest ever fossil fuels loan to the western section of the […]

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With a little help from the European Commission: TAP and the Southern Gas Corridor

by Elena Gerebizza, originally published by Re:Common Last week Baku hosted the 4th Southern Gas Corridor Advisory Council Meeting. The event saw the participation of representatives from the governments involved in the project, but also the European Commission Vice President Maroš Šefčovič, who in the last few months hasn’t missed a single chance to stress […]

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Controversial gas pipeline gets EUR 1.5 billion in public money amid massive climate risk

CEE Bankwatch Network, Counter Balance, Friends of the Earth Europe, 350.org 6 February 2018 Prague, Brussels The European Investment Bank (EIB) voted today to hand out one of Europe’s largest ever loans to one of the EU’s largest fossil fuel projects, the contentious Trans Adriatic Pipeline (TAP). The loan approval follows the release of a […]

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New study shutters EU claims on climate benefits from flagship energy project

Originally published by Bankwatch. The controversial Southern Gas Corridor, the EU’s flagship energy project, could be as emissions-intensive as coal power or even more, a new study reveals. 30 January 2018 In less than two weeks the Trans Adriatic Pipeline (TAP), a key section of the Southern Gas Corridor, could be awarded a record EUR […]

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VIDEO: The Southern Gas Corridor, a “Treachery of Images” for the EU’s future

As the European Investment Bank prepares to vote next Feb 6 on a € 1.5bn loan to the western leg of the gas mega-pipeline (the Trans Adriatic Pipeline – TAP), a new NGO video presents the blatant contradictions of this EU-sponsored project locking us in a fossil-fuel future What do Magritte’s famous painting from 1928 […]

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€1.5 billion public loan for controversial pipeline withheld

December 12, 2017 Prague, Brussels, Berlin Today, at a board meeting in Luxembourg the European Investment Bank (EIB) has decided, for now, not to waste €1.5 billion in public funds on the controversial Trans-Adriatic Pipeline (TAP). A growing number of civil society groups are calling on the EIB not to fund this fossil fuel pipeline. […]

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