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SARAJEVO, January 18 (FENA) - Sunningwell International Limited, a company that together with China National Electric Engineering Company (CNEEC) should be the contractor for the construction of the Ugljevik III thermal power plant, and whose investor is Comsar Energy owned by Russian billionaire Rashid Sardarov, confirmed that loans from Chinese banks will not be available for this project and that they are looking for alternative sources of financing, the Center for the Environment said.
The organizations once again appeal to the Chinese National Electrical Company - CNEEC, as well as the Government of Republika Srpska, to abandon harmful investments for coal projects in Bosnia and Herzegovina, in accordance with the new circumstances and the goals of decarbonization, the statement said.
That China will no longer support the construction of new coal-fired power plants in foreign countries was confirmed by the country's officials at the UN General Assembly in September 2021, and this decision is reflected in coal-related projects in the Western Balkans.
The Sunningwell statement came in response to an article published in The Diplomat by Just Finance International, which questioned how China's commitment to the promise would actually be put into practice in the Western Balkans.
According to Pippa Gallop of the international organization CEE Bankwatch Network, which monitors the investments of public institutions and banks around the world, this project has been affected by violations of the law from the very beginning.
“The Commission for Concessions of RS confirmed that the concessionaire did not fulfill its obligations. It is time to end this charade once and for all, to admit that the power plant will not be built and to turn to sustainable forms of renewable energy,” she said.
Wawa Wang of Just Finance International, which advocates transparency and a fair distribution of investment internationally, says Chinese banks' decision to stop financing the Carbon III project shows China's review of coal alternatives for the region.
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