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A study points to the relationship between the occupation of Palestine and the financial sector of the Spanish State

  • A study reveals the greenwashing practices of banks and companies in the Spanish state. The state financial system is involved in the financing of solar energy parks by the Zionist State in occupied lands, including BBVA and Kutxabank.
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23 May 2024 - 07:50
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A study analyzes the relationship between the financial system of the Spanish State and the occupation of Palestinian lands. According to researchers Nora Miralles, Carlos Díaz and Felip Daza, the parks and projects for the exploitation of solar energy are built by the Zionist State in occupied territories, and have revealed the financial connections between the financial system of the Spanish State and the Zionist State. The map includes companies such as BBVA, Kutxabank, Ibercaja, TSK Group, Abengoa or Soltec.

The Zionist state in search of energy independence

The State of Israel has been an "energy island", isolated from the energy systems and electricity networks of neighbouring countries. Furthermore, the Zionist State has historically had to import energy and has been heavily dependent on "energy imports". This was the case until the Tamar and Leviathan gas fields were found on the coast from 2009 onwards. Thus, the colonizing state has increased its reserves since then and apparently managed to produce 35 times a year the energy it consumes from gas, according to 2018 data.

The context has changed and, due to climate change, Western countries have opted, according to researchers, for renewable energies. Thus, in order to maintain energy independence, the Zionist State expects that by 2020 30% of the energy consumed will be produced by renewable sources, 90% of which will be met by solar energy. To do so, the solar park will have to be multiplied by five in the coming years.

Solar parks are an "important factor" in land occupation

Researchers have denounced that Zionists also take advantage of projects that exploit solar energy to spread it in the territory and expel the Palestinians. The West Bank is divided into three areas by the military occupation system of the Zionist State: zone A (18% of the territory), which is attributed to the Palestinian Authority; zone B (22% of the territory), which "depends on shared administration"; and zone C (60% of the territory), which is militarily controlled by the Zionist State. There are eleven illegal sites of Zionists: in total, 600,000 Zionist settlers live in 250 illegal stays.

In the last area, specifically in area C, there are all solar power parks. It is a natural resource area that houses the stone called "white gold" and has fertile soil for cultivation. The study notes that there are also industrial settlements in this area and production is based on raw materials exploited from the Palestinian territories.

Solar power parks have the same background. In the Jordan Valley (within area C) most solar power park projects are concentrated. Palestinians are obliged to use the electricity grid of the Zionist public company IEC in areas A and B, but there is also no infrastructure in area C. In this area, moreover, the State of Israel ordered the demolition of 16,085 Palestinian buildings in 2016. During the process, ICA and Zionist military "destroyed or stole water and sun equipment", reducing the scarce Palestinian and Bedouin energy resources.

Greenwashing of the Spanish financial system

They operate solar facilities in the Naqab desert and along the West Bank. Solar panels are used in the houses of the colonizers, but the biggest investments can be found in the "macro-projects" of the Naqab Desert, such as the Ketura Sun Solar Park, the giant Ashalim project (which aims to expand the Zionist states) or ShneurTze'elim.

According to researchers, these Megra projects require large external investments. International participation in the construction of parks is notable: projects that have been supplied or built by EDF Energies Nouvelles of the French State, German Belectric or Solar First of the USA.

Both Western companies and banks are engaged in the construction of these solar power parks, and the document analyses the connections between the Zionist State and the Spanish State’s financial system. SolarEdge, a solar park provider in the Jordan Valley, has connections with the Banco de Santander and is present in Ibercaja's "investment funds". Researchers have also announced that Bankia and BBVA accumulate shares of almost half a million Zionist companies.

In addition to these banks, Abengoa participated in the planning of the Ashalim megaproject of the Naqab Desert, which was financed by Bankia’s solar energy projects. This company also sold 50% of the project to the Spanish TSK Group. In addition, BBVA has risk assets in the company Alstom, owner of the megaproject, and has also contributed "green endorsements" worth EUR 400 million.

They report that banks and companies use greenwashing (green bleaching, in Basque). In other words, companies and banks say that they finance projects that are "environmentally friendly", "socially responsible" and "sustainable", but that are carried out on sites that are part of the Palestinian occupation process. In this regard, they have warned that the use of "green bonds" by public institutions has increased and has apparently become a "priority market" for banks and investment funds.


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