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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


Summary tables of greenhouse gas emissions by EBRD -financed fossil fuel projects, 1992 to present

Total EBRD Fossil Fuel Financing, 1992 to present: $1.214 billion Total estimated lifetime carbon dioxide emissions from these projects: 6.548 billion tonsTotal emissions, excluding World Bank-financed projects: 5.278 billion tons
EBRD-financed fossil-fuel burning power plants
($million) (Capacity) (est. 20 years full capacity)
Country Project Financing Fuel MW CO2 emissions in metric tons
Georgia (x) Gardabani $18 oil/gas 1,800 193,100,000 (c)
Romania (x) RENEL $90 coal 1,400 224,000,000
Armenia (x) Hrasdan $57 oil/gas 300 32,200,000 (c)
Bulgaria Maritza $46 coal 215 34,400,000
Ukraine Starobeshevo $113 coal 210 33,600,000
Belarus Orsha $45 gas 65 5,200,000
(Power plant generator manufacturer)
Poland ABB Dolmel $7 coal >470 75,200,000 (d)

 

EBRD-financed fossil fuel fields and mines
OIL FIELDS ($million) (Metric tons)
Country Project Financing Proved reserves Estimated lifetime CO2 emissions
Russia Samotlar (a) $58 1.2 billion 3,720,000,000
Romania (x) Petrom $26 137 million 424,700,000
Russia KomiArctic (b) $105 68.5 million 212,300,000
Russia (x) Geolibent $55 48 million 148,800,000
Russia (x) Ardalin $90 15 million 46,500,000
Russia Chernogo $40 14.1 million 43,700,000
Russia Magma $53 8.5 million 26,300,000
Ukraine Poltava $8 7 million 21,700,000
Russia (x) Tomsk Obl. $9 4 million 12,400,000

 
OIL STORAGE ($million) (metric tons)
Country Project Financing 20 years flow Estimated 20-year CO2 emissions
(Oil imports from Iran)
Moldova Giurgulesti $15 42 million 130,200,000

 
OIL REFINERY ($million) (metric tons)
Country Project Financing 20 year flow Estimated 20-year CO2 emissions
Uzbekistan Fergana $90 120 million 372,000,000 (local oil)
Slovakia Slovnaft $56 118 million 365,800,000 (oil from Urals)
Russia Achinsk $42 24 million 74,400,000 (oil from E. Siberia)
OIL TRANSPORT
Russia Novo. Ships $60 88 million(assumed to be incl. above)
Russia SFAT Trains $42 16.2 milion(assumed to be incl. above)

 
GAS FIELDS ($million) (cubic meters)
Country Project Financing Proved reserves Estimated lifetime CO2 emissions
Romania (x) Petrom (incl. above) 99 billion 183,200,000
Ukraine Poltava (incl. above) 31 billion 57,400,000
Russia Tomsk Obl. (incl. above) 29 billion 53,600,000

 
GAS PIPELINES (million) (cubic meters)
Country Project Financing 20 year flow Estimated lifetime CO2 emissions
Macedonia Gasification $34 28 billion 51,800,00O

 
GAS STORAGE ($million) (cubic meters)
Country Project Financing 20 year flow Estimated 20-year CO2 emissions
Hungary (x) Zsana $55 >3 billion 5,600,000


(a) - Combines two projects to expand production in the massive Samotlar oilfield (the Chernogorneft Drilling project approved in March 1997 and the Samotlar Pan-Canadian project approved in February 1994).

(b) - Combines initial project (Feb 1994) to expand production in Usinsk oilfield, and subsequent emergency loan (May 1995) to clean up oil spill.

(c) - Assumes half of fuel burned is oil, half is gas.

(d) - Reflects two 235 megawatt generators sold by ABB Dolmel after loan. This facility has likely manufactured many more fossil fuel power generators during this timeframe, and will continue to make such equipment into the future.

(x) - World Bank-financed project.

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