photo: roberthuffstutter

Having joined ClientEarth’s marine team in 2010, I have survived the buildup to Christmas in previous years blissfully unaware of the political goings-on in Brussels. However, such fisheries-focused dates have taken on a new importance in my diary this year and earlier this week I travelled to Brussels to gain some insight into how some of the most important decisions about fisheries management are made by European Ministers.

Chancellor Darling's green investment bank promise this week was well received by the majority of the green lobby and the other parties. But enthusiasm for the scheme needs to be tempered with caution if it is to avoid the pitfalls of its forebears.

It has become clear over the past week that the EU is hoping to reform its existing lending to developing countries through the European Investment Bank (EIB), European Bank of Reconstruction and Development (EBRD) and other budgetary funds into a new international financial institution that would have a similar international profile to the World Bank. The EU wants a new institution that can do for Europe’s reputation in the developing world what it considers the World Bank does for America’s reputation.

The US Treasury Department has released guidelines calling on the World Bank and other Multilateral Development Banks (MDBs) to significantly reduce the funding they grant to coal power stations, encouraging them to ‘ensure full consideration of no or low carbon options ...’ before approving funding to coal-fired power generation projects in developing countries.