ADB urged to phase out investment, support for all fossil fuels

ADB urged to phase out investment, support for all fossil fuels

May 8, 2021 3 By The Sun Monitor
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QUEZON CITY – Environmental activists have urged the Asian Development Bank (ADB) to phase out investment and support to all fossil fuels as the latter released its draft energy policy  on Friday envisioning “a prosperous, inclusive, resilient, and sustainable Asia and the Pacific.”

The draft says ADB “will not finance any new coal-fired capacity to power and heat generation or any facilities associated with new coal generation.”

The 2021 Energy Policy will ensure that ADB’s energy sector operations are consistent with the goals of Sustainable Development Agenda and the Paris Agreement, and make all finance flows consistent with low-GHG emission and climate-resilient development pathways.”

Greenpeace Southeast Asia Program Director Jasper Inventor said, the new policy outlining among others “to stop coal financing is a long-delayed and incremental move.”

“Communities throughout Asia have struggled for decades to demand ADB to stop financing dirty energy.”

The new ADB policy in its draft form calls for stoppage of coal financing, Inventor said, but “it still opens doors for fossil gas development.”

Greenpeace welcomes the ADB announcement, Inventor clarified.

But he pointed out that the new policy “falls short and completely misses the mark.”

“A global pandemic and the narrowing window for climate action is showing the world the urgent need for systemic changes to rapidly accelerate an energy transition and enable a just and green recovery,” he stressed.

Greenpeace urged ADB “to phase out investment and support for all fossil fuels, including fossil gas.”

“ADB must not provide a loophole and opportunities for businesses to impede the transition to renewable energy by replacing coal with fossil gas,” the group said. (amm/ PR)

PHOTO: Pixabay photo

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