ADB declares coal exit in Asia Pacific, but gas remains in play
by Imelda Abano on 11 May 2021
The Asian Development Bank (ADB) plans to exit financing coal, oil and natural gas exploration and extraction activities, according to its draft energy policy released May 7.
The bank says it also intends to deliver climate finance worth $80 billion between 2019 and 2030 to ensure that at least 75% of its projects address climate change issues.
While green groups have welcomed the transition, they note that the draft energy policy has a loophole by potentially allowing fossil gas investments.
ADB is set to release its final energy policy by October this year.