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Eco Group Wants ADB to Stop Funding Coal Energy Projects

Coal News - Published on Tue, 15 Sep 2020

Image Source: CEED ADB No Coal
Days before the Asian Development Bank’s Annual Governors Meeting, civil society groups challenged the bank anew to jumpstart Asia’s energy transition by decarbonizing its energy investments portfolio. The call was made in a webinar and publication launch, where the groups said “Leaving behind ADB’s Dirty Energy Legacy” must begin with a formal ban on coal investments. Environmental group Center for Energy, Ecology and Development has urged the Asian Development Bank to ban investments in coal fired power plants in Asia to help the region in its energy transition. CEED Executive Director Gerry Arances said “Thanks to the lenient Energy Policy it adopted in 2009, ADB is guilty of having shaped Asia’s energy sector into its carbon-intensive state today. No amount of renewable energy investments could cover up the bank’s role in advancing the myth of clean coal and the fact that half of the total installed capacity of power generation projects it funded the past decade are from fossil fuels.”

Mr Arances said ADB needs a new energy policy to accurately respond to Asia’s needs which can begin by completely dropping new coal investments amid the worsening climate crisis, deteriorating air quality, increasing viability of renewable energy as well as the need for a green recovery to support environmental and economic imperatives highlighted by the pandemic.

Based on ABD’s 2019 annual report, 25 percent of its USD 102.6 billion overall portfolio is for energy projects, the bank’s second most funded sector. However, it did not break down the types of energy investments made.

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Posted By : Yogender Pancholi on Tue, 15 Sep 2020
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