EBRD environmental policy breaches on Paravani HPP

Bankwatch Network, Eko-Svest Macedonia, Green Alternative Georgia and Zelena akcija/Friends of the Earth Croatia

Press Release

January 13, 2014

EBRD environmental policy breaches on hydro plants confirmed by internal investigation

The EBRD has failed to properly assess 3 hydro projects it has approved for financing in Macedonia, Croatia and Georgia, according to bank internal investigations initiated after formal complaints by Bankwatch member groups. NGOs caution that, more than mere slips, these improper assessments are a symptom of what could be called bankers’ overconfidence – that is, a tendency to assume that all environmental damage can be ‘managed’, which from a business point of view is much more convenient than admitting that some projects simply should not go ahead.