ADB gas financing hurts its climate credentials, green groups say

From 2009-2019, the Asian Development Bank's clean energy financing totalled US$23 billion.
From 2009-2019, the Asian Development Bank's clean energy financing totalled US$23 billion.PHOTO: BLOOMBERG

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.

Please or to continue reading the full article.

Get unlimited access to all stories at $0.99/month

  • Latest headlines and exclusive stories
  • In-depth analyses and award-winning multimedia content
  • Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months*

*Terms and conditions apply.