All financial actors must redirect their financing from large dams towards small

hydroelectric and other truly renewable energy sources to guarantee the right

for all to access sustainable energy.

In order to adhere to its sustainable development mandate and to avoid the destructionof the environment and the living conditions of populations, the European Investment

Bank must, among other things:

End financial investment in large dams as long as it hasn’t adopted the

ecommendations of the World Dam Commission;

Start a multiparty evaluation of its loan policies for energy to determine how EIBloans can ensure the development of truly renewable energy that benefits the poorestparts of the population, whilst fulfilling the European Union’s development objectives.On this basis, the EIB must implement a coherent policy on the matter;

Significantly improve the transparency of its operations: the EIB has to allow effectivemonitoring of the usage of its funds, which is not the case today.

We all have a role to play. France is one of the four most important contributors tothe capital of the European Investment Bank (EBI). Because of this, France has a largesay within its board of directors. The South needs countries with weight within theBank to make their voice heard. This is why, since 2007, Friends of the Earth haveactively participated in the European coalition CounterBalance. Its mission is to makethe EBI an open and progressive institution, implementing the European Union’sdevelopment objectives to support sustainable societies and the right of appealfor people affected by its activities.

Find all information concerning large dams on our website:www.amisdelaterre.org/grandsbarrages

The Friends of the Earth federation is an association for the protection of Human rights and the

environment, non-profit, independent of all political and religious power. Established in 1970, it

has participated in the founding of a French ecological movement and the creation of the world’s

first ecological network –Friends of the Earth International – present in 76 countries and uniting

more than 2 million members across the five continents. In France, Friends of the Earth forms a

network of a thirty-something local autonomous groups, who act according to their local priorities

and link to the national and international campaigns based on a shared commitment to social

and environmental justice.

Les Amis de la Terre France2B rue Jules Ferry • 93100 MontreuilTél. : 01 48 51 32 22 •Mail : france@amisdelaterre.org

This document was realised with the financial support of

the European Commission. The content of this document

does in no way reflect the position of the European Union.

Pub

lished by Friend

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48 18

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Who really profits

from large dams Why Europe finances large dams in the South

Campaign supported by: CADTM France, CCFD-Terre

Solidaire, Coordination SUD, CRID, France Libertés, Engineers

without frontiers, Africa Europe Faith and Justice Network,

One Planet Only Network, Ritimo, Sherpa, Survie.

International supporters: Both Ends, CADTM Belgium,

Campagna per la Riforma della Banca Mondiale, CEE Bank-

watch, CounterBalance, Ecologistas en Acción, Friends of

the Earth Slovakia-CEPA, International Rivers, Observatori

del Deute en la Globalització, Urgewald.

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w.a

mis

de

late

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.org

Since the year 2000, after a period of decline,

both public and private investors have shown

a rekindled interest in large hydroelectric

dams. International financial institutions such as

the World Bank and the European Investment

Bank, as well as private banks and companies of

the Northern countries are rushing in to the

streams and rivers of Southern countries in order

to “aid development”. What are the reasons for

this infatuation and how does it impact on the en-

vironment and the affected communities?

A devastating choice for the climateand the environment

The number of large dams

worldwide. Large dams

have a height of 15m or

higher, beginning from the

foundation, and a reservoir

larger than 3 million m³.

The lower estimate for

the greenhouse gas

emission caused by

large dams worldwide

(more than the aviation

sector).

The percentage of

streams and rivers

of which the func-

tioning has been

heavily modified by

large dams worldwide.

The number of people

rehoused due to the

construction of such

large dams worldwide

during the 20th century. `In too manycases an unaccept-able and often un-necessary price hasbeen paid to securethose benefits, espe-cially in social ande n v i r o n m e n t a lterms, by people dis-placed, by commu-nities downstream,by taxpayers and bythe natural environ-ment.,

World Commission

on Dams

Large dams are not adapted to the need to provide electricity for everyone,

especially in rural environments. Their astronomical construction and

maintenance costs weigh on the price of electricity, which only

becomes profitable with the construction of high voltage

power lines exporting the current to large centres of con-

sumption.The often minimalist construction of infrastructure

to supply the waterside villages is often deducted from the

communications budget to avoid criticism.

The economic logic of large dams is therefore often linked to

the interests of large industries in search of cheap electricity

to manufacture products intended for export. Take for

instance Cameroon, where more than half of the population

has no access to electricity and the EIB is preparing to

finance the construction of the dam of Lom Pangar. The

dam is intended to enable the expansion of an aluminium

foundry (owned for 47.5% by the British multinational Rio

Tinto, and of which AFD holds a 5% share), a factory that

already consumes near half of the country’s available electricity.

Even though large dams are extremely costly

and high-risk projects, the pace of construc-

tion is picking up. How do you explain this pa-

radox?

Before setting up a project, the costs are often

underestimated by the advocates, who also

exaggerate the benefits. As a result, the World

Commission on Dams estimates that that a dam

costs on average 56% more than estimated and

that, in 55% of cases, they don’t meet the expec-

ted output of energy. Instead of helping nations

form a critical view on such projects, the interna-

tional financial institutions such as the World Bank

and the European Invest-

ment Bank propose attrac-

tive loans, under the pretext

of “participating in develop-

ment”. In reality, they’re just

looking out for their own

economic interests.

The construction of large

dams provides an interes-

ting market for certain

Northern companies such

as EDF, GDF Suez and

Alstom, all without any risk! All this is possible

because of several mechanisms. In one example,

the growing numbers of public/private partner-

ships allows corporations to maximise their profits

whilst Southern states endure the consequences

of underestimated risks and costs. Another trick:

protection from payment defaults through a public

guarantee given by an export credit agency (the

COFAC in France). This method makes the go-

vernment foot the bill in the event of problems.

Together, these mechanisms transform large dam

projects into profitable and failsafe investments for

banks and other private investors. Cherry on the

cake: these investments allow for companies to

buy a green image towards the public, implied by

developing “renewable” energy and the fight

against poverty.

The European Investment Bank (EIB), a little

known and very opaque public institution, is ne-

vertheless one of the largest donors of interna-

tional funding, with EUR 72 billion in loans in

2010 compared to the 57.8 billion of the World

Bank (WB). The EIB is supposed to act in the

name of the Europe's citizens, but it is very dif-

ficult to obtain the right information concerning

the projects it finances.

Today, more than 12% of

EIB activity is situated

outside of the European

Union (EU). Ever since

2003, the European

Investment Bank has

granted close to EUR

900 million in loans

to hydroelectric power

plants under the cover of

financing clean and sus-

tainable energy. This

development is particularly obvious in the

African, Caribbean and Pacific countries

(ACP), where 8 dams have been financed by

the EIB during this period, whereas, during

the same period, it didn’t invest a single

euro in education or health care!

According to the Lisbon treaty, the loans of the

EIB should contribute to accomplishing the

EU’s cooperation objectives in Southern coun-

tries, specifically: the reduction and eradication

of poverty. The EBI has to “evaluate its loans

in terms of their contribution in favour of the

accomplishment of objectives such as the mil-

lennium development goals and sustainable

development”. However, the EIB judges pro-

jects largely on their profitability and settles

for impact studies performed by those ad-

vocating for approval of its projects. Is this

the approach we expect from the public bank

of the European Union?

The responsibility of the European Investment

Bank in large dams

V

V ?

VV

RecommEndationsWho is hiding behinda large dam

GDF Suez (of which the French State holds a 36% share) is currently building the Jirau

dam on the Rio Madeira in Brazil. This colossal project designed to produce

3300 megawatt of power will cost between EUR 4.4 and 17 billion!

The dam directly threatens multiple indigenous communities. Ho-

wever, rather than respecting the Brazilian constitution, which

requires the free, a priori and informed consent of the com-

munities, GDF Suez carries on regardless. The project will

have major consequences for the waterfront communities of

the Madeira basin: the rehousing of thousands of people, floo-

ding of forests, decreasing fish reserves… These impacts will

lead to the

irreversible

destruction of

the local popula-

tion’s means of sub-

sistence. Finally,

numerous labour riots

broke out during the last two

years in protest against wor-

king conditions: a fact

never mentioned in

GDF Suez’

advertising.

Energy highways leading

out of the INGA site

Disastrousandharmfulprojects

forlocalpopulationsandtheplanet

Largedams:

Large dams are presented by their advocates as

“green” projects for the production of renewable

energy. Reality, however paints a different picture.

Their construction creates enormous reservoirs of

water that submerge cultivated land and forests,

naturally rich in organic compounds. The decom-

position of these compounds in the reservoir frees

large quantities of greenhouse gasses (in particular

methane and nitrous oxide, respectively 25 and

300 times more powerful than CO2). Far from as-

sisting in the battle against climate change, the

construction of large dams accelerates it.

Large dams also cause major disturbances to the

functions of water currents and ecosystems. They

contribute to the disappearance of many species

of animal and plant life. For numerous communities

who depend on their environment to live, the impact

is

tremendous:

the decrease of

fertile land and fish

reserves, the deterio-

ration of water quality,

and deforestation.

Furthermore, the retention of water creates a

landscape vulnerable to diseases such as dengue

fever and malaria. All of this combined conside-

rably reduces the possibility of sustaining local

population.

?The Jirau dam in Brazil,

or the reality of what GDF Suez does

View of the site of NamTheun 2 in Laos

If that wasn’t enough, supplying

Europe with African electricity

is now on the agenda

Public banks and the G20 have currently set their sights on

the "Grand Inga", which would consist of building the largest dam

in the world (40 000 megawatt with an estimated price tag of USD

100 billion) on the Congo River. Officially the project would offer access

to electricity for 500 million Africans, but in reality, the electricity is for the

most part meant to be used by mining corporations such as BHP Billiton

in South Africa, or even for Europe, by means of high voltage power lines

stretching 5800 km through the equatorial jungles of Congo-Brazzaville and

the Central African Republic to Egypt, before crossing the Mediterranean!

The European Union, importing 52% of its energy, is terrified by the idea

of missing out. Its main priority is “to reinforce the external dimension of theEuropean Union’s energy market” and “identifying important infrastructure [suchas the Grand Inga] for energy security and then ensuring its construction”. Instead of reducing

consumption, the European Union continues to favour securing access. As a result, the European

Union exerts unsustainable pressure on countries in the South and hoards their ecological

space.

For more information on the Grand Inga project, read the report on:

www.amisdelaterre.org/grandsbarrages

The Belo Monte dam alongthe Rio Xingu in Brazil willlead to the rehousing ofmore than 20 000 peopleand threatens the survival ofindigenous people.

So

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!!

I petitioned the President of the EBI by sending the postcard“Who really profits from large dams?”

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V

The road towards consumption in the Northern countries

and dam building in the Southern countries

View of the construction site of Jirau inMarch 2011 (above) and a rehousing camp

for the removed population (below).

v

Whoreallyprofits

fromlargedams

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Counte

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www.amisdelaterre.org

?

Between 1.4 and 2 billion inhabitants of Southern

countries, especially in rural areas, have no

access to electricity. For Friends of the Earth,

this is a basic human right, indispensable in

providing for other needs such as health

care and education. There are numerous

methods available today that allow decen-

tralised and autonomous production of

energy from renewable sources, providing

energy that responds to the needs of pop-

ulations: solar thermal or photovoltaic,

windmills, better wood burning power stations,

geothermal, micro-hydraulics…

A recent study by the International Energy

Agency shows that it is possible to

achieve universal access to energy by

extending decentralised systems

of renewable energy to 70% of

rural areas in developing countries.

Instead of investing in

large dams, and as such

artificially inflating loans

for renewable energy and

for a production destined

largely for industrial use,

the European Invest-

ment Bank should, in

accordance with its

mandate of “sustainable

development and

eradication of

poverty”, redirect

its investments towards alternatives that are more

respectful of human life and ecosystems.

The right to energy

or large dams?

The European InvestmentBank lacks in regulationThe EIB suffers from an alarming lack of social and

environmental rules. The documents it produces

state only vague and confusing principles, which

do not allow in any way to correctly evaluate the

projects it supports. These shortcomings have

been made painfully apparent by certain projects

it backs: the tunnel of the Gilgel Gibe 2 dam in

Ethiopia collapsed in the beginning of 2010, only

a few days after its inauguration; the Dos Mares

hydroelectric project (owned for 100% by the

French group GDF Suez) caused the flooding of a

village in August 2010 after opening a lock, then,

in October of 2011, the turbines collapsed even

before the plant was operational. It is unaccept-

able that the EIB finances projects with such

high risks without being able to analyse the

consequences.

Following the controversy surrounding large

hydroelectric projects, the World Dam Commis-

sion (WDC) was created in 1998 by the World

Bank. The commission proposes several recom-

mendations which, had they been seriously taken

into account, would bring about a redirection of

investments in large dams towards micro-hy-

draulics projects that better suit the needs of com-

munities.

• Getting a free, prior and informed consent of

the affected people

• Evaluating all the other possible options

upstream of the project

• Preserving waterways and the means of sub-

sistence by giving priority to the optimisation

of existing dams

• Acknowledge the rights of affected popula-

tions and share the benefits by putting miti-

gating mechanisms into place and by offering

compensation

• Make sure that rules and standards are

respected with a mix of incentives and

sanctions

Right now these aspects are not being taken

into account by the EIB, which settles for refer-

ring to extremely vague terms. The EIB has to

change its practices radically and adopt strict

rules and restrictions to evaluate the social and

environmental impact of projects it considers to

finance.

Despite 15 years of opposition from local commu-

nities, the Bujagali project has been approved in

2007 by the European Investment Bank, who has

granted a EUR 98.5 million loan for the construction,

the ownership and exploitation of a dam and a hy-

droelectric power plant with a capacity of 250

megawatt. The construction has been subcon-

tracted to Salini, an Italian company already known

for its involvement in large dams in Ethiopia. One

stated objective of the EIB's support for the energy

sector is “to improve access for the population to

modern energy sources and in particular for the

poorest fringes of the population”. Nevertheless, ac-

cording to the inspection panel of the World Bank,

the overestimation of the dams’ capacity, combined

with electricity that will be sold on unfavourable

terms, will make it largely unaffordable for the ma-

jority of Ugandans… without taking into considera-

tion that only 5% of the population is connected to

the electricity network! On top of that, the waterfalls

and rapids of Bujagali will be completely submerged

by the dam’s reservoir, despite their cultural and

spiritual importance for the Busoga people, and the

revenues from tourism that they generate. Finally,

the majority of affected people haven’t received any

just or adequate compensation, and their living con-

ditions have considerably deteriorated. A complaint

from both Ugandan and European civil society or-

ganisations has been filed at the EIB. To this day the

Bank hasn’t followed up. Steps have now been

taken with the mediator of the European Union.

The Bujagali dam in Uganda:

exposing the mistakes of the EIB

There are alternatives!

About EUR 140. That’s

the amount the Euro-

pean Investment Bank

hands out each year

in loans in name of

every European citizen.

The amount of people

worldwide affected

downstream by large

dams.

Nam Theun 2 is often presented as a model project for large dams. This reputation doesn’t stand

up to scrutiny. With a capacity of 1075 megawatt, the Nam Theun 2 dam is de largest hydroelectric

project in South-East Asia. EDF holds 40% of NTPC – Nam Theun Power Corporation – the consortium

created for its construction.

Its price tag of EUR 1.22 billion – larger than

Laos’ government’s annual budget – has

made it possible for the project to receive aid

in 2005 from the World Bank, the Asian De-

velopment Bank and the European Invest-

ment Bank, which has granted a loan of EUR

45 million. The support of these international

financial institutions has triggered the arrival

of other investors, such as the French Devel-

opment Agency (AFD) and its private sub-

sidiary Proparco, the COFACE (French

Export Credit Agency), but also private banks

such as Société Générale, BNP Paribas and

Crédit Agricole.

Disastrous consequencesThe social and environmental consequences

of this dam are numerous. The flooding of

the Nakai plateau (an area of 450 km²) has forced 6300 people to be relocated to areas with bad quality

soil, of little use for agriculture. Furthermore, more than 110000 people from waterside villages have

had their means to sustain themselves reduced due to the degradation of water quality and the depletion

of fish stocks. Moreover, whilst Nakai-Nam Theun area enjoys national protection, the dam’s reservoir

has opened access to the area, reinforcing deforestation and illegal hunting, and as such endangering

its ecologic integrity. These implications are often obscured by the Nam Theun 2 advocates who, like

EDF, don’t hesitate to present the dam as a project to provide electricity to local populations. In reality,

about 95% of the electricity is exported to Thailand, where industrial needs are increasing. According

to the international financial institutions, the profits generated should be used to fight poverty. In a country

ranked 154th on Transparency International‘s corruption perception index, and with no mechanism of

independent review, all signs indicate that this will not be the case.

Nam Theun 2 in Laos: “a unique project of sustainable development”

No to large dams,Yes to micro-hydraulicsUnlike large dams, micro-hydraulics projects (projects with

a power smaller than 10 Mega Watt) don’t change the

water's flow in a drastic way. Other than a lower environ-

mental impact, they allow the production of energy locally,

with much smaller investments than large dams, and in-

crease the autonomy of local communities. The production

of electricity on a small scale is, however, rarely a priority

for governments…

In Nepal, the mobilisation of civil society has caused the

cancellation of the construction of the Arun III dam, backed

by the World Bank. This disastrous project (USD 1 billion,

near one and a half times the national budget of Nepal)

would have, among other thing, destroyed one of the last

remaining forests of the Himalayas and threatened the sur-

vival of local populations. This victory has forced the gov-

ernment to re-evaluate the interest in micro-hydraulics and

has opened up the energy sector to small producers, thus

permitting numerous small villages to develop their own

micro power plants, some of which are managed collec-

tively. Finally, compared to the estimated capacity of Arun

III, this evolution has allowed to produce almost a third more

energy, in half the time and half the cos. Until this day, the

EIB hasn’t financed any alternative of this type.

People affected by the constructionof the Bujagali dam

Demonstration against the Nam Theun 2 dam in March 2005 infront of the World Bank’s branch in Bangkok.

v

472MILLION

WE NEED TO ACT NOW! The construction of the Gibe III dam in Ethiopia has been launched in 2006 but that government

needs USD 1.4 billion to finish it. The large public banks have been asked to finance the project whose impact would be

disastrous for the ecosystem and the lives of 500000 people. Friends of the Earth and several international non-profit

organisations have launched a petition in May 2010 to oppose the construction. And it’s working! Due to citizen pressure,

the EIB has decided not to finance Gibe II. The mobilization continues: let’s call for the EIB to redirect its loans towards

truly renewable energy sources!

Petition the president of the European Investment Bank by sending him the post card included or participate through

cyber action: www.amisdelaterre.org/petitionbarrages

Let’s remind the Bank of its primary mission: to combat poverty and promote sustainable development, and not

to make profit!

The strategic priorities ofthe World Dam Commission

v

Monsieur Werner Hoyer

President European Investment Bank

100 boulevard Konrad Adenauer

L-2950 Luxembourg

Luxembourg

0,77 €

Mister Chairman,

Since 2003, the European Investment Bank has granted almost EUR 900 million in loans

to hydroelectric power plants under the veil of financing clean and sustainable energy.

The disastrous consequences of large dams for the environment and for the lives of local

populations are well known. The final report of the World Dam Commission, created by

the World Bank and made public in November 2000 estimates that “In too many cases

an unacceptable and often unnecessary price has been paid to secure those benefits,

especially in social and environmental terms, by people displaced, by communities

downstream, by taxpayers and by the natural environment.”

In order to guarantee that large dams really contribute to development, the report suggests

a correction of the existing planning process to include, among other things, an evaluation

of the need for water and energy, the documented confirmation that a large dam would

be the best solution, the need to obtain consent of local populations and assurances that

profits will be redistributed, as well as the correct compensation of affected people, the

respect for social and environmental standards and a regular evaluation of the exploitation

of these dams.

Until this day, the EIB doesn't meet these requirements, nor have any of these recommen-

dations been adopted in your action policies. This is why I urge you to redirect your loans

to the energy sector towards small hydroelectric and other truly renewable energy

sources and to stop financing large hydroelectric projects, as long as the EIB doesn’t

adopt the World Dam Commission’s recommendations, strict environmental and social

standards, criteria for the fight against poverty and greatly increased transparency.

These conditions are indispensable if the EIB is to finally respect the sustainable develop-

ment mandate imposed by the European Union for projects outside of the EU.

I would like to thank you for your kind attention to this request.

Yours faithfully,

Surname/name:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Address: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Signature:

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