Montenegro's plans for a new coal-fired power plant in Pljevlja have been dealt a major blow this week.
As Czech daily Hospodarske Noviny reported (see an English story at intellinews.com), the Czech Export Bank (CEB) and the Czech export credit insurance provider EGAP decided not to support the project, leaving Czech energy mammoth CEZ and Montenegro's EPCG without the major source of finance for their plans.
Bankwatch has been warning about the creative accounting behind the project and its impacts on local air quality which already triggered repeated protests.
The Montenegrin government should see CEB and EGAP's decision as an opportunity to consider more sustainable alternatives, and get serious about energy efficiency and renewable energy, especially solar.
Just as Pljevlja's residents, Bankwatch will celebrate this win. It's what we were hoping to achieve by pointing out the power plant's flaws to its potential funders.
But the celebrations won't last long, because there are many more Balkan coal power plants in the pipeline. We'll do our best to have them find a similar fate.