The author, Roger Moody, responds as follows:

“The hbf paper was wrong in citing KfW-IPEX bank in the section on Serbia, and this will be changed in the text. At the same time, it should be pointed out that the specific Serbian project, alluded to by KfW in its response (Kolubara, not Kolubaru, as stated by KfW) has been the subject of strong NGO criticism for at least three years - notably by CEE Bankwatch..."

The Lili Fuhr, Head of Department Ecology and Sustainable Development, Heinrich Böll Foundation, stresses this point as follows:

“On the Kolubara Environmental Improvement Project, financed by KfW Development Bank: While KfW repeats the potential CO2 saving effect of this financing, NGOs (CEKOR, CEE Bankwatch Network, urgewald) raised from the beginning of this discussion a different point of view. In fact, the mixing and thus improving (in terms of caloric value) of lignite of different quality allows the exploitation of new areas of the mining complex, where the lignite is of very poor quality. This leads to much higher CO2 emissions than those avoided..."