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Danish newspaper puts Belco in the spotlight over financing

Belco(Photograph by Akil Simmons)

Danish backing of Belco’s power plant and other international power plants have come under fire in Denmark over their environmental impact.

Danish media outlet Danwatch wrote that both Belco’s plant in Pembroke and a power plant in the African nation of Mali had benefitted from the Danish Export Credit Fund (EFK).

Emilie Ekeberg, journalist for Danwatch, wrote: “Contrary to the many toasts to Denmark's ambitions as a green pioneer, the EKF supports the oil-fired power plants with a total of DKK 768 million ($122 million) in loans and bank guarantees.

“They have done this to help the Danish billionaire group Burmeister and Wain Scandinavian Contractors, which has built the power plants, win contracts around the world.

“But the export adventure has a flip side that consists of both large CO2 emissions and local pollution with increased disease risk for the power plants' neighbors.”

The report said that combined, the emissions from Belco and the Mali plant were comparable to the total emissions from the City of Copenhagen.

Nikolaj Holmer Nissen, CEO of Burmeister and Wain Scandinavian Contractors, said the Belco plant met Bermuda’s environmental standards and, because it was operated by another company, it could not comment on complaints about the plant’s operation.

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Published March 25, 2021 at 1:51 pm (Updated March 25, 2021 at 1:51 pm)

Danish newspaper puts Belco in the spotlight over financing

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