Betrug ohne Ende: „Nghradeta“ und Co.: The banks behind a dangerous new pipeline TAP

Siemens verkauft Gas Turbinen, Baufirmen ohne jede Rechnungs Kontrolle, Landraub, und prominente Mafia Baufirmen aus Sizilien, Albanien, sind dabei. Die TAP Gaspipeline, welche Moghrini, sogar entlang der Küste, bis Kroatien verlängern will, was noch idiotischer ist, und nicht quer durch die Mitte des Balkans und den Ballungszentren. Seriösere Grunder wie Statoil aus Norwegen sind längst aus dem Projekt ausgestiegen, wo die Deutsche Bank, HSBC Banken Mafia erneut Rädelsführer sind.

Super Pleite Politik der EU, mit der korrupten TAP Pipeline quer durch den Balkan und Syriern

TAP Pipeline

Die vollkommen korrumpierte EU, nahm bereits 2,8 Milliarden € Bestechungsgeld engegen, für die Finanzierung der TAP – IAP Gas Pipline

Some background

Traversing Greece, Albania and the Adriatic Sea before making a landfall on Italy’s southern shores, the Trans Adriatic Pipeline (TAP) is planned to be the western section of the Southern Gas Corridor. A 3500km chain of pipelines starting in Azerbaijan’s Shah Deniz II offshore gas field, this grandiose project is designed to annually pump at least 10 billion cubic meters of gas to Europe starting 2020, in addition to 6 billion cubic meters to Turkey as early as next year.

For over 2 years now, the European Investment Bank (EIB) has been considering lending its support to TAP in the form of a €2 billion loan – the biggest single public loan in the bank’s history.

“Now that the projects have successfully reached the capital intensive construction phase, their promoters need to urgently secure adequate funding”

Maros Sefcovic to EIB President Hoyer, 13 July 2017

 

12 December: a crunch moment

The most recent EIB board of directors meeting coincidently took place on the same day as Emmanuel Macron hosted the #OnePlanetSummit in Paris, where political and economic leaders were gathered to discuss the role of finance in tackling the climate crisis. Activists and campaigners were able to draw enough public scrutiny of the vote to make it impossible for the EIB to make a decision to support what is Europe’s biggest new fossil fuel project.

 

So how do we #DefundTAP?

With the decision postponed now until the next board meeting on Feb 6th, and communities in Italy bravely resisting this pipeline in the face of fascist-era laws, now feels like an appropriate time to give some thought to other targets that we might organise around to further increase the pressure on this dangerous pipeline.

 

Over the last 5 years, the 11 European banks below have collectively provided over $70 billion in loans and underwriting to the 5 companies that make up the Trans Adriatic Pipeline Company, and are very likely to be approached for crucial project finance for TAP.

Two of these banks have ongoing, direct involvement in the TAP project and therefore stand out above the rest: the French bank, Société Générale has been providing financial advice to the company and its chairman, Lorenzo Bini Smaghi, is also chairman of SNAM’s board, the Italian grid operator that holds a 20% stake in the TAP company. The Italian bank, Intesa, has been providing accounts through which claimants of compensation from TAP in Albania have been forced to use.

Here’s a full list of banks and details of finance provided to the companies behind TAP (each company involved with TAP is on a different tab).

We don’t know when and how these banks might be approached for support. But with the public banks being forced to delay their support, it’s reasonable to expect that it might happen soon. By organising now, aiming to secure commitments from these banks to not fund new fossil fuels like TAP, we can put another hurdle in front of the project.

There are a number of ways in which we can actively put pressure on these banks and make it clear that TAP would be a toxic investment.

To find out how and for more information about the resistance to TAP on the ground in Italy, visit defundTAP.org

A black pipe in front of a foggy panorama.

Controversial gas pipeline gets EUR 1.5 billion in public money amid massive climate risk

Press release | 6 February 2018

CEE Bankwatch Network, Counter Balance, Friends of the Earth Europe, 350.org

Press release
For immediate release

Prague, Brussels –– The European Investment Bank (EIB) voted today to hand out one of Europe’s largest ever loans to one of the EU’s largest fossil fuel projects, the contentious Trans Adriatic Pipeline (TAP).
The loan approval follows the release of a study last week demonstrating that the Southern Gas Corridor – of which TAP is a part – could be as emissions-intensive or even more so than coal power. [1]

Over the past few years Bankwatch, Counter Balance, Friends of the Earth Europe, 350.org and a growing number of civil society groups across the world have warned that TAP and the entire Southern Gas Corridor project would be detrimental to the EU’s efforts to cut greenhouse gas emissions.
In spite of these calls, none of the institutions promoting or financing the Southern Gas Corridor have actively publicised a climate impact assessment of this massive fossil gas project so far [2].

But a document obtained via a freedom of information request revealed [3] that the European Commissioner for Energy and Climate Action and the Vice President of the European Commission in charge of the Energy Union have been lobbying the EIB to green-light loans to TAP and the eastern section of the Southern Gas Corridor, the Trans Anatolian Pipeline (TANAP).

The EIB decision on the TAP project has already been delayed multiple times over the past years. Just days before its December meeting, the EIB’s board of directors, representing all 28 EU Members States, received over 4 000 emails from concerned citizens urging them not to fund TAP, resulting in another postponement of a decision on the project.

The December meeting, which coincided with the anniversary of the Paris Climate agreement and the One Planet climate finance summit, had been slated for a decision on the loan.

Xavier Sol, Director of Counter Balance, says: “We witnessed today a historical mistake by the EIB, a self-styled green finance champion which has shown its true colours. The bank is showing its poor consideration of climate challenges, as well as its disregard to the problematic human rights situation in Turkey and Azerbaijan.”

Colin Roche, extractives campaigner for Friends of the Earth Europe, says: “Having avoided the embarrassment of announcing a fossil fuel mega-loan on the anniversary of the Paris climate agreement, the European Investment Bank is now shamelessly locking Europe into decades of fossil fuel dependency even as the window for fossil fuel use is slamming shut. The Banks’s biggest ever investment in dangerous fossil fuels undermines the EU’s commitment to climate action when we urgently need to be transitioning to a fossil free future.”

Anna Roggenbuck, EIB Policy Office with CEE Bankwatch Network, says: “This is symptomatic that the Southern Gas Corridor has been approved without EU institutions disclosing its climate impact.”

Tim Ratcliffe from 350.org says: “There is no time to lose. While European politicians and financiers continue to put their support behind the fossil fuel industry, the local communities that will directly feel the negative impacts on their lives are determined to stop projects like these gas mega-pipelines from ever being built. More and more people across Europe are stepping up in support to ensure not a penny more is invested in climate-wrecking fossil fuels.”

Notes to editors

[1] Traversing Greece, Albania and the Adriatic Sea before making a landfall on Italy’s southern shores, TAP is envisaged as the western section of the Southern Gas Corridor. A 3500 kilometre long chain of pipelines starting in Azerbaijan’s Shah Deniz II offshore gas field, this project is designed to pump annually ten billion cubic metres of fossil gas to Europe starting 2020, in addition to six billion cubic metres of gas that could arrive to Turkey as early as this year.

The independent climate impact assessment, conducted by researchers from the Observatori del Deute en la Globalització and the Polytechnic University of Catalonia is available at https://bankwatch.org/publication/smoke-and-mirrors-why-the-climate-promises-of-the-southern-gas-corridor-don-t-add-up

[2] The EBRD has at Bankwatch’s request disclosed a climate impact assessment for the Southern Gas Corridor, commissioned to Carbon Limits.

[3] Letter from Commissioners Miguel Arias Canete and Maros Sefcovic to Werner Hoyer: https://www.asktheeu.org/en/request/4741/response/15094/attach/3/gestdem%206199%20annexe%20letter%20CAB.pdf

https://bankwatch.org/press_release/controversial-gas-pipeline-gets-eur-1-5-billion-in-public-money-amid-massive-climate-risk