EurOil: CEE Bankwatch slams new wave of Balkan gas projects

CEE Bankwatch Network has strongly criticised the European Commission and international development banks for their support for fossil fuel projects – specifically gas – in Southeast Europe. 

The region has gained some major gas transportation infrastructure in recent years, including the Trans-Adriatic Pipeline (TAP) and Croatia’s offshore Krk liquefied natural gas (LNG) terminal, and several other interconnector projects are underway as countries in the region seek to reduce their dependence on Russian gas by enabling gas imports from different sources. 

Campaigners from CEE Bankwatch contest assertions that gas is a useful transition fuel in the shift away from coal power, and argue that building new gas infrastructure will not help importing countries achieve energy independence. Instead, they call for development banks and other international institutions to redirect funding to green energy projects. 

The call is particularly directed at the European Bank for Reconstruction and Development (EBRD), which is preparing to approve its energy strategy for the next five years. However, according to CEE Bankwatch, with a few exceptions, other international financial institutions (IFIs) also finance fossil fuel projects in Emerging Europe. 

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