QUEZON CITY, Philippines — The Asian Development Bank (ADB) on Friday released its draft energy policy [1], which states that the institution “will not finance any new coal-fired capacity for power and heat generation or any facilities associated with new coal generation.”
Reacting to the development, Greenpeace Southeast Asia Program Director Jasper Inventor said:
“ADB’s new policy [1] 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. But while their new energy policy puts the brakes on coal financing, it still opens doors for fossil gas development.
In this context, while their announcement is welcome, it falls short and completely misses the mark in responding to this decade’s realities: 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.
Greenpeace is calling on 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.
Greenpeace will continue to support communities and civil society organizations in calling for a rapid phase-out of coal and other fossil fuels in the country, which is a crucial step in attaining climate justice in the face of the climate emergency.”
[1] ADB Draft Energy Policy, May 2021
Media contact:
Angeli Cantillana
Communications Campaigner, Greenpeace Southeast Asia – Philippines
[email protected] | +63 998 595 9733
Renewable energy is the key to our country’s energy independence. But coal companies and politicians are holding us back.