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PRESS RELEASES

  

HIGHLIGHTS

No public money for Nabucco - mega gas project a drain on clean energy, human rights and the environment, says Bankwatch

September 6, 2010
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Budapest, Hungary – Reacting to today's announcement by the Nabucco Consortium that international public banks are now officially commencing their appraisal of the EUR 7.9 billion (estimated) Nabucco gas pipeline project, watchdog group CEE Bankwatch Network called on the international financiers to reject what would be record European public finance for the project and instead to focus on the financing of clean energy in central and eastern Europe, particularly climate-friendly, job-boosting energy efficiency.

As announced today, the Nabucco Consortium is seeking EUR 800 million from the International Finance Corporation (IFC), the World Bank's private lending arm, EUR 2 billion from the European Investment Bank, and EUR 1.2 billion from the European Bank for Reconstruction and Development (EBRD). In the case of the two European institutions, these would be unprecedented sums for one single fossil fuel project.

Piotr Trzaskowski, Bankwatch's Energy & Climate Coordinator, said: “Now that the gloves are off, and a mandate letter has been signed by the banks to start their official appraisal process, we would expect the terms of this mandate to be made fully available to the public, as it's clear that there is a wide range of hurdles to be cleared if the banks are to be able to satisfy their lending requirements and provide finance to Nabucco.
 

Quality of renewed consultations over Moscow motorway already in doubt

September 2, 2010
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Just days after the welcomed but belated announcement from Russian President Medvedev that tree felling in Khimki Forest must be halted while renewed public consultations take place over the routing of the Moscow – St. Petersburg motorway, the process is already in danger of becoming a rubber-stamping exercise. Bankwatch and the Movement to Defend Khimki Forest have asked both the European Investment Bank and European Bank for Recontruction and to ensure a full and fair consultation process.

While it had been announced that a hearing will take place on 16 September, there is no word on how any wider consultation process will be organised and whether any environmental impact assessment documents will be made available on which to base inputs, thus creating a severe risk that the exercise will be mainly cosmetic.

Meanwhile the Khimki administration is using deceptive methods to gather signatures in favour of the currently proposed route. Workers of municipal enterprises have been involved on a compulsory basis in rallies in support of the current option of the motorway. Moreover teams of pro-administration propagandists are being deployed to various settlements to spread rumours among locals that any alternative option would lead to massive demolition of residential houses – even in places far from any possible placement of the motorway.

The international financial institutions often claim that engaging in projects results in better outcomes than if they were not involved. Now is a key moment to see whether they can indeed affect real changes in this project.

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CAMPAIGN SPOTLIGHT

 

NEW DOCUMENTS

Planned routing of the Nabucco pipeline

Nabucco gas pipeline and Turkmenistan

One of the main weaknesses of the Nabucco project is its lack of guaranteed gas supply. One potential supplier named very often is Turkmenistan - a gas-rich country situated on the eastern side of the Caspian Sea. Both political and business actors involved in the Nabucco project have shown increased interest in contacts with Turkmenistan in order to create the political framework for future gas contracts.  

But Turkmenistan remains one of the most repressive regimes in the world with only one party, no free media and no civil society. We have collected an extensive list of resources describing the appalling human rights situation in the country. To access the materials see our resource collection:

Is it all about the gas? The Nabucco pipeline in light of Turkmenistan's human rights situation.

Or find out why Bankwatch believes that Nabucco should not receive public support, neither financial nor political.
 
  All new documents