Wealthy Nations to Extend Renewable Energy Financing Terms for Large Dams

April 18, 2005 (The Guardian, UK) — In a move condemned by environmentalists, the wealthy member nations of the OECD want to extend ECA financing terms for renewable energy to large dams. The new export credit guidelines improve financing terms for renewable energy projects, but the European Commission has suggested that hydropower, which could include large dams, should be included as renewable energy under the proposals. Large dams in emerging market countries, such as the Ilisu dam in Turkey and the Three Gorges dam in China, are associated with environmental and human rights violations. Nicholas Hildyard of The Corner House said "This is totally unacceptable. Supporting large dams, and claiming them as renewables, is promoting the same dirty business they have for years and pretending they are being green. There has been no consultation about this. This has all been done in secret and it is a disgrace." Read more about ECA Watch's opposition to these terms for large dams. Read more about this issue in the Financial Times. Read the full Financial Times article (April 18, 2005) Rich nations consider more generous financing rules for big dam projects.