ADB promises to halt coal financing | Inquirer Business
Close  

ADB promises to halt coal financing

The Asian Development Bank (ADB) is mulling over helping wean developing countries from coal while also supporting gas-fired power generation as an insurance against the intermittent supply from renewables like solar and wind.

The multilateral lender is currently updating its energy policy, which is scheduled for submission to the board of directors in the fourth quarter this year.

ADVERTISEMENT

Environmentalist groups have been pressuring the ADB to stop funding coal projects, while groups like the Institute for Climate and Sustainable Cities and the Center for Energy, Ecology and Development feel the bank’s latest stance is half-baked.

ADB’s current energy policy was adopted in 2009.

FEATURED STORIES

Yongping Zhai, chief of ADB’s energy sector group, said the bank’s management agreed with an evaluation that the 2009 policy was no longer adequately aligned with the global consensus on climate change.

“ADB will support its DMCs (developing member countries) to reduce their dependence on coal and eventually phase out coal power generation,” Zhai said in a web post.

He said this would be done by setting standards and requirements such as emission intensities and minimum efficiency levels. At the same time, low-carbon and climate-resilient technologies—including carbon capture and storage—would be introduced.

“The updated policy will provide guidance and screening criteria on the use of fossil fuels to ensure no conflict with the broader international goals to which ADB and its DMCs subscribe,” Zhai said. INQ

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Asian Development Bank (ADB), Business
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2021 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.