The European Bank for 
Reconstruction and Development:
Fueling Climate Change

An analysis of the European Bank for 
Reconstruction and Development
fossil fuel project lending since
the 1992 Earth Summit

A collaborative study authored by the Sustainable Energy and Economy Network (Institute for Policy Studies, U.S.) and the International Trade Information Service, (U.S.)

Version 1, November 27, 1997. IPS

2. EBRD's Environmental Mandate, September 1996.

3. EBRD, Transition.

4. "Foreign Investments and the Future of the Russian Oil and Gas Industry," Taiga News, no. 13, March 1995, Alexei Grigoriev, Socio-Ecological Union of Russia.

5. The "World Bank Group" includes the World Bank (IBRD), the International Finance Corporation (IFC), the International Development Association (IDA), and the Multilateral Investment Guarantee Agency (MIGA).

6. 1995 annual fossil fuel emissions were 6.24 billion tons of carbon. Source: International Energy Outlook, April 1997, p. 138.

7. See, "The World Bank and the G-7: Changing the Earth's Climate for Business," by Daphne Wysham and Jim Vallette, version 1.1, August 1997. The full report is available on the web at: http://www.igc.org/ifps/publicat/wb-g7-report/

8. "Foreign Investments and the Future of the Russian Oil and Gas Industry," by Alexei Grigoriev, Socio-Ecological Union of Russia.

9. The New York Times Atlas of the World, p. 31.

10. EBRD Watch, July 6, 1992.

11. As reported by International Gas Report (March 6, 1992).

12. EBRD, Transition.

13. Asia Times , April 14, 1997.

14. EEER, March 19, 1996.

15. EEER, September 1, 1996.

16. International Power Report, June 13, 1997; EIA ViewsWire, Oct. 8, 1997.

17. EBRD; Emerging Markets Week, July 28, 1997.

18. EBRD; Eastern European Energy Report, July 1995.

19. In fact, at least $100 million from a recent $500 million dollar loan by the World Bank to privatize the Russian coal sector has disappeared into corrupt government officials' bank accounts, according to Business Week (Sept. 8, 1997).

20. "Foreign Investments and the Future of the Russian Oil and Gas Industry," Taiga News, no. 13, March 1995, Alexei Grigoriev, Socio-Ecological Union of Russia.

21. June 31, 1997, letter from Pacific Environment Resource Center and other NGOs to EBRD Directors.

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