The Asian Development Bank issued its draft energy policy on Friday following the conclusion of its 54th Annual Meeting and clarion calls from the United Nations to end financing for all fossil fuels including gas. This first draft has ruled out financing for coal but allows for continued gas finance which dominates the ADB’s fossil fuel lending.
Asian Development Bank
Sowing the Seeds of Climate Chaos: The Asian Development Bank’s Support for Gas
This new analysis finds the ADB has spent over $4.7 billion on gas since the adoption of the Paris Agreement. Plans to expand gas infrastructure in Asia pose one of the greatest threats to meeting the goals of the Paris Agreement and averting the most catastrophic impacts of the climate crisis.
New analysis shows ADB has spent $4.7 billion financing gas
A new analysis shows the Asian Development 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.”
Fossil Free ADB: A new campaign targeting the Asian Development Bank
Today, we’ve joined with civil society groups and peoples’ movements from around the world to launch an exciting new campaign: Fossil Free ADB. The goal of the campaign is to pressure the Asian Development Bank (ADB) to stop financing fossil fuels.