Banks| Policies| Dodgy Deals| Campaigns
About us| Blog| Publications| Successes| Contact us| Donate
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2023-01-23 00:00:00
Berta Cáceres: new rules for banks could help stop defender killings
2023-01-16 00:00:00
In the balance: Why European due diligence legislation must cover financial services
2022-12-08 00:00:00
Exposed: Western banks funding Qatar’s carbon bombs
2022-12-08 00:00:00
Right-wing attack on sustainable finance is the latest form of climate denial
2022-12-14 11:08:26
HSBC announces it will no longer finance new oil and gas fields
2022-10-13 15:56:39
More major banks and insurers refuse to support EACOP
2022-09-16 10:38:48
European Parliament passes emergency resolution against human rights violations & environmental threats linked to EACOP
2022-06-27 09:49:16
Crédit Agricole takes first step to phase out from the oil and gas sector
Connect
2022-11-22 00:00:00
Banking on Thin Ice: Two years in the heat
2022-11-17 00:00:00
BankTrack Global Human Rights Benchmark 2022
2022-10-21 00:00:00
Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
2022-04-05 00:00:00
The BankTrack Human Rights Benchmark Asia
2022-03-30 00:00:00
Banking on Climate Chaos 2022
See all publications
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Home › Projects
EastMed Pipeline - international -
About
Financiers
Companies
Impacts
Governance
Brief history
Documents
News
Media
Links
About
Financiers
Companies
Impacts
Governance
Brief history
Documents
News
Media
Links

On record

This profile is no longer actively maintained, with the information now possibly out of date

Send feedback on this profile
Download as PDF
By: BankTrack
Created on: 2019-09-26 12:27:18
Last update: 2021-09-07 00:00:00

Contact:

climate@banktrack.org


Share this page:

Visual of proposed EastMed Pipeline. Photo: Edison project webpage
Take Action!
Stop EU support for fossil gas in the East Mediterranean
Sector Pipeline Transportation of Natural Gas
Location
Status
Planning
Design
Agreement
Construction
Operation
Closure
Decommission
Website http://www.igi-poseidon.com/en/eastmed

About EastMed Pipeline

The Eastern Mediterranean (EastMed) Pipeline project is a planned off- and onshore gas pipeline that would transport gas from Israel and Cyprus via Crete to mainland Greece. If the project proceeds, at 1,900 kilometers it will be the largest offshore gas pipeline in the world. In its initial phase it would transport 10 billion cubic meters of gas per year from offshore gas reserves in the Levantine (Israel) and Aphrodite (Cyprus) gas fields to Greece, where it would link up with the proposed Poseidon gas pipeline which will transport the gas to Italia. IGI-Poseidon, a 50:50 joint venture between the Public Gas Corporation of Greece (DEPA) and Edison International Holding, is the developer of the EastMed Pipeline, and is also developing the connecting Poseidon and IGB pipelines.

With an estimated cost of at least EUR 6 billion, it would be one of the most expensive pipelines in the world. Despite this huge cost, its location across an earthquake-prone region, and its geopolitically sensitive nature, the EastMed Pipeline has already received support from the European Union for its preliminary studies. A final investment decision is expected in 2022, with the commissioning date set for 2025.

Why this profile?

The construction of new fossil fuel infrastructure such as the EastMed pipeline is incompatible with meeting the 1.5 degree climate target set out in the Paris Climate Agreement. The gas transported through the pipeline would produce 19 million tons of CO2 in phase one and double that amount in phase two. Further, the pipeline would be built through an earthquake-prone region, and risk exacerbating political instability in the region.

What must happen

Financial institutions should be aware of the risks and weaknesses of the project and avoid any financial support or other involvement.

Impacts

Social and human rights impacts

The EastMed pipeline risks increasing military tensions in the region. Turkey opposes the EastMed pipeline as it competes with the TANAP pipeline that is already transporting Azerbaijani gas to Europe. In a deal with Northern Cyprus that gave Turkey permission to drill for oil and gas in the region, they refused to acknowledge the republic of Cyprus. Drilling vessels of all countries in the region are now regularly escorted by warships. Since, Turkey has been sending drilling ships into these disputed waters, that will also be part of the EastMed route.

Furthermore, one of the main beneficiaries and proponents of the project is the Israeli government. The Israeli government has occupied Palestian territories where human rights are regularly violated. It also refuses the Palestinians and their gas reserves in the waters of Gaza to be part of the EastMed pipeline.

Environmental and climate impacts

Climate impact The EastMed Pipeline project would lock Europe deeper into gas dependency, threatening the EU's climate commitments. The EU is projected to reduce its use of natural gas by a quarter from 2015 levels by 2030 and 90% by 2050. Its current gas infrastructure is already more than enough to supply this demand of natural gas, meaning the EastMed pipeline is not needed. As data science company Artelys noted in a 2020 report on behalf of the European Climate Foundation, additional gas infrastructure represents 'a potential overinvestment of tens of billions of Euros, supported by European public funds'.

While the gas industry promotes gas as a “transition fuel”, this does not stand up to scrutiny. Gas emits about half as much CO2 as coal at the smokestack, but substantial amounts of gas - which consists predominantly of the highly potent greenhouse gas methane - are released into the atmosphere throughout its life cycle. Recognising this, the IEA acknowledges that there is no need for new fossil fuels in a 1.5 degrees world.

The EastMed Pipeline is designed to transport 10 billion cubic meters (BCM) of gas per year in phase 1 and up to 20 BCM per year in phase 2, which would lead to 19 and (up to) 38 million tons of CO2 emissions per year, respectively. If operating at full capacity till 2050, the EastMed Pipeline may have transported 500 BCM in total to Europe, leading to some 950 million tons of CO2 in total. This does not consider likely leakages of methane gas along the pipeline’s length.

The project stretches over an earthquake prone region near Crete and reaches a depth of over 3,000 meters. This is likely to greatly increase the risk of failures and leaks in the pipeline.

Other impacts

Political issues The EastMed project is presented by the proponents as a catalyst for peace. However the project’s location in the Levantine basin places it in the middle of an area of highly sensitive political tensions, including between Israel and Palestine, Israel and Lebanon, and Cyprus and Turkey. Gas discoveries have been adding to these tensions, with disputes over maritime boundaries, sovereignty, and ownership of gas reserves. For example the Aphrodite gas field - the biggest Cypriotic field – is contested between Cyprus and Israel, as it’s tip stretches into Israel’s maritime zone.

Governance

Bank policies

The following bank investment policies apply to this project:
BNP Paribas
csr policies
2017-10-17 00:00:00

Commitments to the environment

2017-10-17 00:00:00 | BNP Paribas
Mediobanca
csr policies
2020-03-27 00:00:00

Sustainability policy

2020-03-27 00:00:00 | Mediobanca
csr policies
2020-05-07 00:00:00

Policy on responsible lending and investing

2020-05-07 00:00:00 | Mediobanca
UniCredit
csr policies
2019-03-04 00:00:00

Statement on climate change

Date listed represents date as accessed on website
2019-03-04 00:00:00 | UniCredit
Barclays
csr policies
2016-03-27 00:00:00

Environmental and Social Risk Briefing Oil & Gas

2016-03-27 00:00:00 | Barclays
csr policies
2021-02-28 00:00:00

Sustainable finance framework

2021-02-28 00:00:00 | Barclays
csr policies
2021-02-17 00:00:00

ESG reporting framework

2021-02-17 00:00:00 | Barclays
Mizuho Financial Group
csr policies
2020-06-01 00:00:00

Updated policy - Responsible investment and financing

(document in Japanese)
2020-06-01 00:00:00 | Mizuho Financial Group
Sumitomo Mitsui Banking Corporation (SMBC)
csr policies
2021-01-14 00:00:00

Management of environmental risks

Date listed represents date as accessed on website
2021-01-14 00:00:00 | Sumitomo Mitsui Financial Group
csr policies
2021-01-14 00:00:00

Environmental policy

Date listed represents date as accessed on website
2021-01-14 00:00:00 | SMBC
JPMorgan Chase
csr policies
2020-10-06 00:00:00

Paris-aligned financing commitment

2020-10-06 00:00:00 | JPMorgan Chase
Toronto-Dominion Bank (TD Bank)
csr policies
2020-11-09 00:00:00

Climate action plan

2020-11-09 00:00:00 | TD Bank
csr policies
2019-03-04 00:00:00

Environment policy

2019-03-04 00:00:00 | TD Bank

Financiers

DEPA and Edison each have a 50% equity investment in IGI Poseidon, which has share capital totaling EUR 61.6 million. Funding for the remainder of the EastMed Pipeline ‘s EUR 6-7 billion costs has not yet been secured.

In March 2018, the European Investment Bank financed DEPA with a EUR 48 million general loan for developing natural gas distribution projects.

Related companies

IGI Poseidon is the developer of the EastMed pipeline, together with the Poseidon Pipeline and the IGB Pipeline. IGI Poseidon is a 50:50 joint venture between the Public Gas Corporation of Greece (DEPA) and Edison International Holding.

Project sponsor

IGI Poseidon Greece

Other companies

DEPA Greece

Edison Italy

News

| |
Type:
Year:
blog
external news
our news

LNG may topple East Med pipeline

2023-01-05 | Upstream Online
blog
external news
our news

Report: Turkish navy intervenes in EastMed pipeline survey

2021-09-29 | The Maritime Executive
blog
external news
our news

EastMed faces another challenge next week

EU countries seek to prolong bloc’s funding for gas projects, document shows
2021-05-27 | Knews
blog
external news
our news

EastMed pipeline viability under scrutiny

2021-03-13 | Ekathimerini.com
blog
external news
our news

Greek-Italian venture signs agreement with Israel on Eastmed gas pipeline scheme

2021-03-09 | Reuters
blog
external news
our news

Leaders From Israel, Cyprus, Greece Sign EastMed Gas Pipe Deal

2020-01-02 | Bloomberg
blog
external news
our news

Turkey slams controversial EastMed pipeline deal signed in Athens

2020-01-02 | TRT World
blog
external news
our news

Three vie for EastMed pipeline FEED work

2019-10-11 | Upstreamonline.com
blog
external news
our news

For Israel and Turkey, it’s now all about gas

2019-10-01 | The Asia Times
blog
external news
our news

Greece's DEPA Gets All Licenses For Onshore Part Of Poseidon Pipeline For Russian Gas

2019-09-09 | UrduPoint
blog
external news
our news

The Ministry of environment and energy of Greece approved the Environmental Impact Assessment for the onshore section of the Poseidon pipeline in Greece

2019-07-05 | IGI Poseidon press release
blog
external news
our news

Italy opposes Poseidon gas pipeline landfall

2019-05-07 | Reuters
blog
external news
our news

US senators introduce legislation to reshape East Med strategy

2019-04-10 | Ekathimerini.com

Documents

Type:
Year:
annual reports
2021-06-21 00:00:00

Edison Financial report 2020

2021-06-21 00:00:00 | Edison
annual reports
2021-06-21 00:00:00

DEPA Financial statements 2019

2021-06-21 00:00:00 | DEPA
other documents
2019-06-13 00:00:00

Environmental impact assessment for construction - services

2019-06-13 00:00:00 | The Official Journal for the EU
other documents
2019-05-21 00:00:00

Environmental impact assessment for construction - contract notices utilities

2019-05-21 00:00:00 | The Official Journal of the EU
annual reports
2019-02-28 00:00:00

Edison Financial report 2018

2019-02-28 00:00:00 | Edison
annual reports
2019-07-31 00:00:00

DEPA Financial statements 2018

2019-07-31 00:00:00 | DEPA
annual reports
2019-02-08 00:00:00

IGI Poseidon Annual financial statements 2018

2019-02-08 00:00:00 | IGI Poseidon
annual reports
2018-02-08 00:00:00

IGI Poseidon Annual financial statements 2017

2018-02-08 00:00:00 | IGI Poseidon

Media

EastMed pipeline project map

EastMed Pipeline project map

Links

Petition: Stop EU support for fossil gas in the East Mediterranean

https://stopeastmed.org/take-action/

Brief history

The EastMed Pipeline was first proposed in 2012 following the discovery of gas reserves in Israel and Cyprus. In 2015 the EastMed Pipeline project was approved of by the Cypriotic, Greek, and Italian Governments. In April 2019 the European Commision confirmed the EastMed Pipeline as a Project of Common Interest (PCI), contributing US$38.9 million to complete technical studies for the project. On 2 January 2020, the EastMed Pipeline accord was signed by the leaders of Greece, Israel and Cyprus.

Turkey has opposed the project from the start, claiming that the project ignores its equal rights over the natural resources in Cypriot territorial waters. Furthermore, the project passes through the exclusive economic zone on Turkey's southern Mediterranean shore that Turkey and Libya created in December 2019. The EastMed Pipeline would also compete with Turkey’s TANAP pipeline, which brings Azerbaijani gas into Greece and Europe.

Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Vismarkt 15
6511 VJ Nijmegen
The Netherlands

Tel: +31 24 324 9220
Contact@banktrack.org
©2016 BankTrack                Webdesign by BankTrack and EASYmind
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted