Manila,
Philippines (May 2, 2018) - Asian Development Banks (ADB) 51st Annual
Governor's Meeting (AGM) is met with criticism and disappointment as over a
hundred organization around the world expressed their grave concern towards its
Energy Policy. ADB continues to finance
new coal power plants and other coal-related schemes while citing global
consensus on the Sustainable Development Goals (SDGs) and the Paris climate
deal.
Both
the SDG’s and the Paris climate deal is important milestone that could have
marked important change towards the drafting of the Banks Strategy 2030, and
2009 Energy Policy. This legally binding
instrument could have been undertaken to improve on the Banks energy portfolio
if they did have an intention.
The
groups call on ADB to harmonize its sectoral policies, particularly in energy,
with the spirit and thrusts of the Paris climate pact, thus, it is expected
that the Bank should make a swift and just transition to clean energy systems
for the people and communities of Asia, and put an end to fossil fuels and
other harmful energy as soon as possible.
There
is no use for setting restrictions in funding coal projects since it is no
longer adequate at a time of intensifying climate change and increasingly
catastrophic impacts, especially in developing countries. They are also
pointless since the Policy also promotes actions that worsen climate change.
Furthermore burning of fossil fuels contributes to exacerbating the climate
crisis and multiplying the difficulties of vulnerable populations. Poverty
deepens with the destruction and loss of lives, homes, natural resources and
livelihoods brought about by climate change.
The
ADB should channel funding into sustainable energy technology and renewable
energy projects rather than false solutions to the climate crisis, which
include Carbon Capture and Storage (CCS) and other “clean coal” schemes that
inflict further harm on people and the environment.
The
level of ADB support for renewable energy remains grossly inadequate in
proportion to the financing that goes into continuing support for fossil
fuel-based energy projects. The Bank
should bring its Energy Policy, as well as its Strategy 2030 in line with the
growing global demand to stop financing new coal-fired power plants and
coal-mines, and move in the direction of phasing out fossil fuel use,
especially coal, while effectively promoting the transition to cleaner and renewable
energy sources.
Attached
is the An Open Letter to the President and to the Board of Governors of the
Asian Development Bank (ADB) 2-5 May 2018, 51st Annual Meeting, Quezon City,
Philippines along with the organizations, individuals, and other agencies
supporting the call.
Contact: Asian People’s Movement on Debt and Development
(APMDD) – Units 1806 & 1807 Tower C, MPlace Residences, Mother Ignacia
Ave., Barangay South Triangle, Quezon City, Philippines 1103
Telephone: +632 -2834234; http://www.apmdd.org/
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