Contrary to ADB’s repeated calls for sustainability, the CEED claimed that a lot of the carbon emissions were enabled by the development lender’s money.
“Thanks to the lenient Energy Policy it adopted in 2009, ADB is guilty of having shaped Asia’s energy sector into its carbon-intensive state today. No amount of renewable energy investments could cover up the bank’s role in advancing the myth of clean coal and the fact that half of the total installed capacity of power generation projects it funded the past decade is from fossil fuels,” CEED executive director Gerry Arances said in a statement.
High carbon emissions remain a health hazard worldwide.
“ADB needs a new energy policy that accurately responds to the region’s needs. In doing so it must live up to its role in global energy transformation, which it can begin by completely leaving coal in its dirty past,” Arances said.
Rayyan Hassan, executive director of NGO Forum on ADB, said time is of the essence.
“The Taal volcano eruption, Australian forest fires, floods in Pakistan and Bangladesh, and the typhoons in the USA all struck within a span of 7 months amid COVID-19. If there ever was a time to be climate responsible for ADB, it is now,” he said.