Quantcast
Environmental News for a Healthier Planet and Life

Billions of EU Funds Wasted on Dead-End Investments

Friends of the Earth Europe

Substantial environmental and social harm is being caused by controversial projects costing billions of euros of European Union (EU) money, according to research published Feb. 2 by Friends of the Earth Europe and CEE Bankwatch Network.1

The groups have mapped 33 harmful projects in Central and Eastern Europe with total costs of sixteen billion euros. The projects, which include highways passing through protected nature sites, waste incinerators and airports, are being paid for—or being considered for financial support in the future—by Cohesion Policy Funds in the current EU budget.2

map_extract

The map includes projects from Bulgaria, Macedonia, Hungary, Czech Republic, Slovakia, Poland and Estonia.

The projects will cause damage such as increased pollution, loss of biodiversity, increased risk of flooding, and displacement of local communities.

“As we wait for the European Council and Parliament to have their say on the next European budget, this map shows that controversial projects are unfortunately not limited to a few isolated exceptions," said Markus Trilling, EU funds coordinator for Friends of the Earth Europe and Bankwatch. "EU money has the potential to bring lots of benefits to central and eastern European countries but if nothing changes it will bring substantial environmental and social harm throughout the region. These projects are mistakes Europe cannot afford to make. Future legislation must specifically prohibit the use of Cohesion Policy funds for detrimental projects.”

The research shows that almost 6.5 billion euros has been spent on detrimental projects. Almost 5 billion euros are set to go the same route, and projects totaling another 5 billion are currently considered for financing in the seven central and eastern European countries.

“Money must no longer be squandered on such foolish investments,” said Trilling. “It is vital that the next one trillion euro EU budget offers possibilities for overcoming the current recession and de-carbonising economies. Courageous action is needed to overturn the legacy of bad planning and realise the beneficial potential of EU funds.”3

For more information, click here.

——————

1. The publication contains a country listing of the projects, background descriptions and total amounts of EU Funds granted. The online version of the map is available by clicking here.

It offers the possibility to view the data by country, type of project, or size of investment.

The map is the fourth edition produced by CEE Bankwatch and Friends of the Earth Europe. The groups have been monitoring EU Structural and Cohesions fund spending on the ground in central and eastern Europe since 1997.

2. Cohesion Policy Funds amounted to 344 billion euros out of the total 975 billion euro EU budget for the 2007-2013 period. Read more about the EC’s legislative proposals for the new EU Budget by clicking here.

3. Read Bankwatch and Friends of the Earth Europe’s more detailed recommendations for EU regional funds 2014-2020 and how they can put Europe on a sustainable development path, ‘Funding Europe's future’ October 2011 by clicking here.

EcoWatch Daily Newsletter

The CDC has emphasized that washing hands with soap and water is one of the most effective ways to prevent the spread of COVID-19. Guido Mieth / Moment / Getty Images

The Centers for Disease Control has emphasized that washing hands with soap and water is one of the most effective measures we can take in preventing the spread of COVID-19. However, millions of Americans in some of the most vulnerable communities face the prospect of having their water shut off during the lockdowns, according to The Guardian.

Read More Show Less
A California newt (Taricha torosa) from Napa County, California, USA. Connor Long / CC BY-SA 3.0

Aerial photos of the Sierra Nevada — the long mountain range stretching down the spine of California — showed rust-colored swathes following the state's record-breaking five-year drought that ended in 2016. The 100 million dead trees were one of the most visible examples of the ecological toll the drought had wrought.

Now, a few years later, we're starting to learn about how smaller, less noticeable species were affected.

Read More Show Less
Sponsored
Disinfectants and cleaners claiming to sanitize against the novel coronavirus have started to flood the market.
Natthawat / Moment / Getty Images

Disinfectants and cleaners claiming to sanitize against the novel coronavirus have started to flood the market, raising concerns for the U.S. Environmental Protection Agency (EPA), which threatened legal recourse against retailers selling unregistered products, according to The New York Times.

Read More Show Less
A customer packs groceries in reusable bags at a NYC supermarket on March 1, 2020. Eduardo Munoz Alvarez/Getty Images

The global coronavirus pandemic has thrown our daily routine into disarray. Billions are housebound, social contact is off-limits and an invisible virus makes up look at the outside world with suspicion. No surprise, then, that sustainability and the climate movement aren't exactly a priority for many these days.

Read More Show Less
Ingredients are displayed for the Old School Pinto Beans from the Decolonize Your Diet cookbook by Luz Calvo and Catriona Rueda Esquibel. Melissa Renwick / Toronto Star via Getty Images

By Molly Matthews Multedo

Livestock farming contributes to global warming, so eating less meat can be better for the climate.

Read More Show Less