ASIAN DEVELOPMENT BANKS STRATEGY 2030 AND ENERGY POLICY STILL A DISAPPOINTMENT AFTER 51 YEARS

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/