THE ASIAN Development Bank is being urged to end its financing and support for gas, coal and oil and to use its energy policy review to demonstrate meaningful climate leadership and end its support for fossil fuels.
International coalition from Asia, Europe, North America, and Australia have launched “Fossil Free ADB” campaign to pressure the ADB which is currently revising its 2009 energy policy.
The policy will guide ADB’s investment decisions for the next decade, however, according to an ADB energy sector evaluation report, the “current policy is no longer adequately aligned with the global consensus on climate change.”
Since its energy policy was released, the bank has spent roughly $10 billion on fossil fuel projects. It is ramping up its financing of fossil gas projects, such as the controversial Turkmenistan - Afghanistan - Pakistan - India gas pipeline.
It also funded the Rupsha 800 MW Combined Cycle Power Plant in Bangladesh despite its proximity to the river-systems of the Sundarbans Mangrove Forest, threatening the livelihoods of about 1,500 fisherfolk communities.
The coalition said the ADB’s continued support for fossil fuels undermines its mission to achieve a “prosperous, sustainable, inclusive and resilient” Asia and the Pacific and undercuts its commitment to climate action.
Fossil fuels are the single biggest source of global greenhouse gas emissions. Climate science shows that a rapid transition from fossil fuels is needed to limit global warming to 1.5°C and avert the most catastrophic impacts of the climate crisis. Global fossil fuel production would need to decline annually by 6 percent between 2020 and 2030 to be consistent with a pathway to limit warming to 1.5ºC, according to the 2020 UNEP Production Gap report.
The Fossil Free ADB coalition released a letter recently calling for the Bank to align with what is needed to limit warming to 1.5ºC and end its financing for all fossil fuels. In recent months, governments in the UK, EU and US have made commitments to end their support for fossil fuel infrastructure both at home and abroad.
“We cannot address the climate emergency while the ADB continues to fuel it with its fossil fuel financing. We need the ADB to stop harming communities with dirty fossil fuel projects,” said Lidy Nacpil, coordinator for Asian Peoples' Movement on Debt and Development.
Hassan Mehedi, Chief Executive at Coastal Livelihood and Environmental Action Network in Bangladesh, also claimed: “The ADB says gas is a clean energy source, but the gas life cycle generates significant emissions of methane which is more harmful to the climate than carbon dioxide. We need the ADB to invest in clean energy technologies like wind and solar to increase climate resiliency.” (Mindanao Examiner added to this report.)
Like Us on Facebook: The Mindanao Examiner
Like Us on Facebook: The Zamboanga Post
Follow Us on Twitter: Mindanao Examine
Mirror Site: Mindanao Examiner Blog
Digital Archives: Mindanao Examiner Digital
Media Rates: Advertising Rates
No comments:
Post a Comment