Asian Development Bank (ADB) must "Honour Kyoto"

Greenpeace's global energy blueprint, 'Energy Revolution' (2) demonstrates that it is possible to ensure economic development and cut global CO2 emissions in half by 2050, as climate science demands. "The alternative energy scenarios for China, South Asia and East Asia that we have presented here show that sustainable renewable energy and energy efficiency can meet Asia's rising energy demand and still reduce the region's fast rising CO2 emissions", said Athena Ballesteros, Greenpeace International Asia climate campaigner. Greenpeace has shown that around US$ 300 billion a year is needed to fund the required massive increase in global renewable energy production (3). This is about the same amount the fossil fuel industry currently receives in subsidies. In Asia, US$ 60 billion a year is required to make the energy revolution happen.

The majority of the Asian Development Bank's funding comes from industrialised countries such as Japan, the US and the EU. "It is these countries which have caused an overwhelming part of the climate crisis. It is their responsibility to fund the sustainable energy revolution we need," said Daniel Mittler, Political Advisor to Greenpeace International.
"The ADB is claiming it supports clean energy. If this is more than empty rhetoric, the Bank must announce that it will increase the US$1 billion it has committed to spend on clean energy annually by 10 percent each year over the next decade. It must also make a specific commitment not to fund any fossil fuel related projects under its "clean energy" programmes. The Bank must also end the obvious contradiction of saying they want to fight climate change, while supporting coal, the most climate-damaging of energy technologies. If the Bank wants to honour Kyoto, it must commit to phasing out coal at this AGM", said Athena Ballesteros.

Ahead of the official opening of its 40th AGM, the ADB announced a series of so-called clean energy initiatives. "It is good to see that our campaign to get the Bank to play a leadership role in addressing climate change is already making a dent. However, it is not glossy brochures that will save the planet but genuine action to decarbonise Asia's economies. Over reliance on the carbon market, which is yet to be developed, diverts attention from the real challenge of harnessing renewable energy and energy efficiency resources. The ADB should focus instead on building the right policy environment for sustainable, cleaner, renewable energy technologies," added Ballesteros.