The NGO Forum on ADB, a leading coalition of Asia and Pacific led civil society organizations, today publicly called for the Asian Development Bank (ADB) to reform their Energy Policy and Strategy 2030 to incorporate an exit plan from coal and damaging fossil fuel investments. A Forum - commissioned review of ADB’s 2009 Energy Policy reveals a pattern of loopholes and continued investment in risky mega projects that increase greenhouse gas emissions and undermine progress to meet the Paris Agreement limiting temperature rise to 1.5 degrees Celsius. Despite positive pronouncements from the Bank, ADB continues to lack a coherent policy framework that explicitly and fully transitions investments to clean and renewable energy sources.
Findings
In releasing the Assessment of the ADB’s energy policy in the context of the Paris Agreement, the NGO Forum details the policy gaps and makes recommendations for moving ADB towards a healthy, prosperous and sustainable future. “Our world faces a climate crisis with a 12 year window to prevent runaway climate change, and we need publicly funded multilateral development banks like ADB to be a leader in the global climate effort” says Joseph Santos-Lyons, Advocacy Coordinator for ADB of the NGO Forum, adding, “We call upon the ADB Board and President Takehiko Nakao to see through an evaluation and convene stakeholders to chart a new course to reform their Energy Policy and Safeguards Prohibited Investments Activities List in order to prevent runaway climate change that will harm our region’s economic and environmental future.”
The NGO Forum on ADB Executive Director Rayyan Hassan stated, “Everyday our members across the region share heartbreaking stories of carbon pollution causing asthma and cancer and fisherfolk report disease and death in our oceans and seas.” He adds, “This research connects the dots on the persistent dirty carbon-based energy investments that continue to impact communities across Asia and the Pacific, harming our health and economic independence as climate change wreaks havoc through intensifying typhoons, droughts and the loss of coastal lands and islands.”
The Assessment of the ADB’s Energy Policy is a part of the NGO Forum on ADB’s #DeCarbonize Campaign that seeks to permanently shift energy investments towards a clean, sustainable and renewable future in the Asia and the Pacific.
The research was conducted and written by Tanya Roberts-Davis.
To read or download the research for FREE you may visit this link https://tinyurl.com/yct6orvq.
For more information please contact Jen Derillo-Santos, Communication Coordinator, NGO Forum on ADB at 09151306326.
Jospeh Santos Lyons is the Policy Coordinator on ADB of NGO Forum on ADB, you may reach him via his email joseph@forum-adb.org.