Overview

• Greenpeace filed an application via law firm Günther asking Saxony and Brandenburg’s mining authorities to initiate creditor protection proceedings over Leag’s restructuring.
• The group warns that Leag’s January decision to carve out its renewables division could siphon billions of euros from the reserves meant for recultivating former open-cast mines.
• Greenpeace analysis shows less than 10 percent of the roughly €5.4 billion required for mine rehabilitation has been set aside, with the organization estimating it at about 5 percent.
• The organization has challenged the auditing firm’s economic viability certificate, arguing it relies on unrealistic planning assumptions and provides inadequate risk coverage.
• Greenpeace deems the target of earning €3.3 billion by the planned 2038 coal phase-out unattainable in light of rising CO2 costs.