SINGAPORE - The Asian Development Bank (ADB) has channelled billions of dollars into financing gas projects over the past five years, a step that locks in long-term fossil fuel emissions and undermines its aim to reduce climate change risks in the region.
A report by two environmental groups released on Monday (May 3), the first day of the ADB's annual meetings in Manila this week, showed that the bank directed US$4.7 billion (S$6.25 billion) to gas projects since the adoption of the Paris Climate Agreement at the end of 2015. Nearly two-thirds of the financing went to power plants and exploration/extraction.
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