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Environmental Lending in Central and Eastern Europe the Geographical Context

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Environmental Lending in Central and Eastern Europe the Geographical Context Environmental Lending in Central and Eastern Europe The Geographical Context Member States Acceding Countries, where negotiations for EU Membership have been concluded. Accession Countries, where negotiations for joining the EU are in progress. Candidate Countries, where an application for accession has been approved by a European Council Decision. FINLAND SWEDEN Helsinki Stockholm Tallinn ESTONIA Riga LATVIA LITHUANIA DENMARK Copenhagen Vilnius Dublin NETHER- LANDS UNITED- Berlin POLAND IRELAND Amsterdam KINGDOM Warsaw London Brussel GERMANY BELGIUM Prague LUXEMBOURG CZECH REP. Paris SLOVAKIA Vienna Bratislava AUSTRIA Budapest FRANCE HUNGARY SLOVENIA ROMANIA Bucharest Sofia Rome BULGARIA PORTUGAL Madrid ITALY Ankara Lisbon SPAIN GREECE Athens TURKEY Valletta MALTA Nicosia CYPRUS Introduction The integration of the Acceding and Accession Countries from Central and Eastern Europe into the European Union (EU) is one of the key challenges and opportunities for the EIB over the coming years. The EIB provides financing for as specific environmental lending including the European Bank for projects that, in addition to fur- objectives, the environmental Reconstruction and Development thering economic development, acceptability of every project (EBRD) and the World Bank will assist those countries in meet- financed by the Bank is reviewed. Group, as well as commercial ing the requirements of the banks operating in the region. Acquis Communautaire and facili- The EIB is already the largest tate the enlargement process by provider of long-term funds to The EIB, typically in support of the reinforcement and support of countries wishing to join the municipalities, is also increasingly EU policy objectives. Projects European Union. The Bank often helping to strengthen other envi- financed by the EIB include those works in synergy with the Euro- ronmental sectors in the region, to protect and enhance the natu- pean Commission’s Grant Instru- including the provision of urban ral and urban environment as ment for Structural Policies for public transport, district heating well as providing basic environ- Pre-Accession (ISPA) to provide systems, renewable energy, mental services. long-term finance for transport energy efficiency and urban and environmental projects, the renewal. Some of this financing This Report is a supplement to the latter including projects in the activity promotes the Bank’s pol- first EIB Environmental Report water, wastewater and solid icy on climate change; to reduce 2001-2002, to reflect the unique waste sectors. The Bank also greenhouse gas emissions in a circumstances of current environ- works closely with other multi- cost effective manner. In the mental lending in the Acceding lateral financial institutions, wider context of sustainable and Accession Countries. It should be read in conjunction with other EIB publications, including the Budapest, Hungary Annual Report. Due to differences in history and geography, environmental lend- ing in Malta, Cyprus and Turkey is excluded from the Report. Enlargement and the Environment Protecting and enhancing the environment is today one of the EIB’s top lending priorities. As well page 3 development, the Bank aims to More formally, investment must Directive and the Drinking Water encourage investment in less satisfy the overall objectives of Treatment Directive. Similarly, in favoured parts of the region that the EC Treaty (Article 174), in the field of solid waste manage- promotes economic growth con- particular to provide environ- ment, implementation of the sistent with protection and mental services that comply with Waste Framework Directive, the enhancement of the environ- the requirements of the Acquis Landfill Directive and the Direc- ment. Communautaire. According to tive on the Incineration of Waste one early estimate, the costs of will also require considerable new Finally, in the industrial sector, the compliance could amount to an investment. Bank promotes the adoption of estimated investment of around new environmentally friendly EUR 80 to 120 billion for Central Other Directives requiring signifi- technologies encouraging the use and Eastern Europe. Whilst high, cant investment include the Large of clean, energy efficient this cost will result in significant Combustion Plant Directive and processes and appropriate envi- benefits to public health, the the Integrated Pollution Preven- ronmental management practices environment and consequently tion and Control (IPPC) Directive. as opposed to “end-of-pipe” solu- the economy. tions. Consideration is also being given Where substantial adaptation of to meeting the objectives of The Environmental Context infrastructure is necessary to meet the EU 6th Environment Action the requirements of the EU Direc- Programme (2001-2010). Finally, Environmental investment in the tives, investment may be phased environmental investment is Acceding and Accession Countries in accordance with transitional more generally being driven by of Central and Eastern Europe is arrangements. Significant invest- increasing public interest in envi- required in order to address the ment will be required in connec- ronmental issues, the liberalisa- environmental legacy of resource- tion with the Water Framework tion of markets (including cross- intensive industry that has had Directive and in particular the border trade) and foreign direct little regard to pollution control. Urban Wastewater Treatment investment. Investment is also required to reduce the inefficient use of Kaunas, LithuaniaConstanta Port, Romania energy and to provide access to basic environmental services, such as the provision of drinking water and the collection and treatment of wastewater and solid waste. Investment must be carried out in such a way as to protect and enhance the region’s rich environ- mental heritage, including the maintenance of biodiversity through the protection of habitats. The EIB achieves this by support- ing measures mitigating and/or compensating the environmental impact of each project and by investing in specific projects to pro- tect and enhance habitats and the natural environment, for example, sustainable tourism financed through Global Loans. page 4 Lending Activity Projects Lending in Central and • An increased availability in Eastern Europe, For the four-year period 1999- grants (in particular ISPA) to 1999-2002 2002, the EIB provided EUR 11.6 stimulate the preparation of billion in financing to countries in environmental investments EUR million Central and Eastern Europe, and to facilitate co-financing 5000 including EUR 1.7 billion through opportunities, associated with Global Loans. Of the financing the Bank’s advisory role to the 4000 provided directly by the Bank, Commission in this respect; 28% concerned environmental 3000 projects, with a gradual increase • Improvements in the institu- over time. This expansion in invest- tional and policy framework ment in environmental projects and enhanced borrower 2000 would appear to be the result of: capacity; 1000 • A growth in public and political • A deliberate increase in the awareness of environmental environmental lending activity 0 issues; on the part of the Bank. 1999 2000 2001 2002 • The investments required to make The distribution of environmental Individual Projects the transition towards member- lending by country tends to Environmental Projects ship of the European Union; reflect the national priority given Global Loans Environmental Lending by Country, 1999-2002 EUR million 500 1999 2000 2001 2002 400 300 200 100 0 Bulgaria Czech Estonia Hungary Latvia Lithuania Poland Romania Slovakia Slovenia Republic page 5 Environmental Lending for Individual Projects, 2001-2002 EUR million 1200 The EIB project lending classification records pri- 1020 mary benefits of direct lending operations only. 1000 Neither the secondary envi- ronmental benefits of direct lending operations 800 nor the environmental benefits of indirect lending 592 through Global Loans, for 600 544 instance, in the areas of eco-efficiency, sustainable transport and carbon sequestration, are reflected 400 in the figures. 236 200 127 138.5 38 10 30 0 eco-efficiency energy saving urban transport urban renewal land/soil protection energy substitution solid/hazardous waste carbon sequestrationsustainable transport water and wasteair qualitywater improvement natural disaster alleviation natural resource management to environmental investment as One of the most significant sec- well as demand brought about by tors for EIB financing is water, Case Study: Hungary chance events, such as severe including the provision of drink- flooding. In addition, large single ing water, wastewater treatment The EIB has agreed two envi- investments, for example, for and associated infrastructure. ronmental Sector Loans (2001 urban metro projects in Romania This reflects the investment and 2002, EUR 123 million in and the Czech Republic, can have required to meet the ambient total) in Hungary. Both loans a disproportionate effect on the and emissions standards of the complement ISPA grants to country distribution. Water Framework Directive. The Regional Municipal Waste and Water Associations for a series Waste water Treatment Plant, Debrecen, Hungary of schemes to support a national programme for investment in water supply, wastewater treatment and solid waste management. The projects are necessary to improve the supply of critical environmental services, to standards required by EU Directives. page 6 Case Study: Flood Protection and Damage Reconstruction
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