The EU wants to fight climate change – so why is it spending billions on a gas pipeline?

Background

The Southern Gas Corridor at present comprises the following components:

i) the Shah Deniz gas field
ii) the South Caucasus Pipeline and its expansion through Azerbaijan and Georgia to Turkey
iii) the construction of TANAP through Turkey to Greece
iv) the construction of the Trans-Adriatic Pipeline (TAP) through Greece, Albania and the Adriatic Sea to Southern Italy.In February 2018 the European Investment Bank Board approved €1.5bn of financing for the Trans-Adriatic Pipeline (TAP) that would cross Northern Greece, Albania and the Adriatic Sea before coming ashore in Southern Italy to connect to the Italian natural gas network. This was the EIB's largest ever loan for an energy-related project.

The project was part of the Southern Gas Corridor, an initiative identified by the Council of the European Union, the European Commission, and the European Parliament as a strategically important component within the EU’s energy policy (Project of Common Interest).

The author of this commentary feature argued that the EIB's funding of the Trans Adriatic Pipeline would harm the climate and made little financial sense.

• Primary Source

EurActiv, 12.05.16: Southern gas corridor on time, BP executive says (et al) http://www.europeansources.info/record/development-of-the-south-gas-corridor-project/

EurActiv, 07.02.18: EU bank approves largest ever energy loan, for TAP pipeline https://www.euractiv.com/section/energy/news/eu-bank-approves-largest-ever-energy-loan-for-tap-pipeline/

EurActiv: Tag: Trans-Adriatic Pipeline (TAP) https://www.euractiv.com/topics/trans-adriatic-pipeline-tap/

Trans-Adriatic Pipeline: Southern Gas Corridor https://www.tap-ag.com/mainpages.php?section=the-pipeline&pid=the-big-picture&sid=southern-gas-corridor

European Commission: Energy: Topics: Infrastructure: Projects of Common Interest https://ec.europa.eu/energy/en/topics/infrastructure/projects-common-interest

European Investment Bank: Press Release, 06.02.18: The Southern Gas Corridor and the Trans Adriatic Pipeline (TAP) http://www.eib.org/infocentre/press/news/topical_briefs/2018-february-01/southern-gas-corridor-trans-adriatic-pipeline-tap.htm

---