Banks must also say no to Altri, because it is a Dodgy Deal (Turbio Agreement)

He Altri project to build a cellulose factory in Galicia It is being fought for multiple reasons from the bosom of environmental organizations and also from the neighbors who do not want their waters to be contaminated or more eucalyptus is considered, among many other reasons that they use against the project that has just been qualified as qualified as Dodgy Deal by the BankTrack organization.

BankTrack It is an international organization to support civil society addressed to commercial banks of the private sector and the activities they finance. His mission is to urge commercial banks around the world to act urgently, decision and justice in the face of the growing climatic crisis, the continuous destruction of nature and the generalized violation of human rights.

The inclusion of a project or company in profiles Dodgy Deal that is, a ‘murky agreement’ aims Exercise public pressure on banks to reinforce their political commitments and refrain from financing them.

ALTRI: Considered a murky agreement

BankTrack, in collaboration with the envied network Paper Network (EPN) and Greenpeace Spain, has recently published a New profile on the controversial cellulose factory and Lyocell of the Gama project, proposed in Palas de Rei (Lugo, Galicia) by the Portuguese company Altri.

He profile is included in the database Dodgy Deal The bank trackwhich collects information on companies or projects with negative impact on people and the planet that could be financed by banks.

The publication of this profile comes at a time of growing public indignation, since The protests against the Altri project continue to move massively to Galician society, with a new manifestation scheduled for the next Sunday June 1.

The protest, under the motto «Nin ENCE in Ría, Nin Altri in Ulloa», opposes the project Others Already its potential negative impacts in the region of A Ulloa, the Ulla River and the Ría de Aruous, and requires the Spanish Government to deny the granting of any public financing to the project.

The detailed profile of the murky agreement It exposes the destructive impacts of the project, proposed by Greenfiber, a joint business of the Portuguese conglomerate Altri (75 %) and the Spanish Greenalia (25 %). The profile highlights the devastating impact on biodiversity and several endemic species, along with high water consumption, which exceeds the total population of the province of Lugo, of about 325,000 inhabitants.

It also attracts attention to a possible increase in the demand for eucalyptus plantations, which could add up to 190,000 hectares in the peninsular region, where These crops are already more concentrated, which also increases risk to forest fires.

This project cannot be financed

Given the growing concern that this harmful project can continue despite local resistance, the information provided in BankTrack’s profile is crucial to ensure that all interested parties, including Possible financatives, are fully aware of the negative consequences that this project will have for the health of people, local ecosystems, economy and traditional livelihoods.

The Protest of May 8 in Madrid, organized by the Ulloa Viva platform and several NGOsmarked the last chapter of a wave of large -scale demonstrations against the project Others, They started more than a year ago.

On May 4, hundreds of people and boats participated in a protest along the Ulla river to Padrón (A Coruña) And last December, more than 100,000 people protested in the capital of Galicia, Santiago de Compostela, showing the broad regional opposition. The protests are expected to continue on June 1 in Pontevedra.

«Our communities have been clearly expressed against the project of Others”, He has declared a spokeswoman for Ulloa Viva. «We cannot allow public funds finance a project that threatens our river courses, ecosystems and livelihoods».

The estimated total cost of the first phase of the project is 900 million euros. Altri asks the Spanish Government for public aid for a value of up to 250 million euros. The remaining financing will proceed from private entities or from development entities.

With the firm opposition of tens of thousands of residents, associations and local companies, the range of the range of Others threatens ecosystems, livelihood, health and water quality, which means A reputational risk that, according to BankTrack, no responsible bank or investor can allow to ignore.