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ADB rules out coal, sets conditions for gas projects in draft energy policy

The Straits Times
ADB rules out coal, sets conditions for gas projects in draft energy policy
Burning fossil fuels is the single largest source of emissions heating up the planet and driving wilder weather.PHOTO: ST FILE
https://str.sg/JtK8
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Asian Development Bank to wind down fossil fuel financing

10 May 2021 9:04 GMT
Updated
11 May 2021 10:21 GMT
in
Singapore
The Asian Development Bank (ADB) has ruled out future financing of oil and coal extraction projects and will restrict natural gas funding, as it focuses on greener initiatives.
“[The] ADB will not finance any coal mining, oil and natural gas field exploration, drilling or extraction activities. ADB will not finance any new coal-fired capacity for power and heat generation, or any facilities associated with new coal generation,” stated the bank.
However, liquefied natural gas projects, gas transmission infrastructure, gas distribution pipelines and gas-fired power generation plants will be financed, but only if they fulfil strict criteria. ....

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New analysis shows ADB has spent $4.7 billion financing gas - Oil Change International

Oil Change International
PRESS RELEASE
Coalition calls on Bank to stop fueling the climate crisis and go fossil free
As the Asian Development Bank meets today for its 54th Annual Meeting to discuss collaboration for a resilient and green recovery, new analysis shows that the Bank has spent $4.7 billion financing gas projects in the region. This undermines its stated commitments on climate and efforts to achieve a “prosperous, inclusive, resilient, and sustainable Asia and the Pacific.”
For the first time in a decade, the ADB is revising its energy policy. ADB management has conceded that its energy policy “is no longer adequately aligned with the global consensus on climate change, ongoing global transformation of the energy sector, and operational priorities of ADB’s new Strategy 2030.” Further, there is growing momentum in the European Union, UK and US to end public financing for fossil fuel infrastructure at home and abroad. ....

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New int'l coalition calls on ADB to stop fossil fuel financing-539178

New int’l coalition calls on ADB to stop fossil fuel financing
Staff Correspondent
3rd March, 2021 10:57:40
Civil society organizations and people s movements from Asia, Europe, North America, and Australia have launched a “Fossil Free ADB” campaign to pressure the Asian Development Bank (ADB) to end its financing and support for gas, coal and oil.
The international coalition in a statement on Wednesday called on ADB to use its energy policy review to demonstrate meaningful climate leadership and end its support for fossil fuels.
The ADB is currently revising its 2009 energy policy, which will guide its investment decisions for the next decade. According to an ADB energy sector evaluation report, the “current policy is no longer adequately aligned with the global consensus on climate change.” ....

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