The Asian Development Bank (ADB) 6th Asia-Pacific Climate Change Adaptation (APAN) Forum starts today and will run until October 19, 2018.
This year’s theme focuses on resilience and avoiding the worsening impacts of climate change, although these efforts are not being discounted, the ADB once again portrays itself as a champion of clean energy, committing $2 billion a year to clean-energy investments, but it still continues to support coal-based power projects.
“Having these events and forums are helpful in raising awareness regarding climate change but what we want is for the Bank to divest entirely from coal and other fossil fuel financing as well as clear transition plan to sustainable and socially acceptable renewable energy projects” say’s Rayyan Hassan, executive director of NGO Forum on ADB. “ADB’s total financing for coal projects is estimated at a staggering $10.74 billion from 2009 to 2017 ” he added.
The Bank has not shown any sign of slowing down when it comes to coal financing particularly on the projects that are already existing like the Korea Electric Power Corp.’s 200-megawatt (MW), the coal-fired power plant in Naga, Cebu, and the Masinloc Power Partners Ltd.’s 600-MW coal-fired thermal power plant in Zambales. In the Philippines alone, ADB financed over $120 million in the Cebu project, while putting in $200 million in the Zambales plant.
“Climate change will have its impact on the poorest and the most vulnerable, quoting the ADB, they encounter more intense tropical storms, more severe and more frequent droughts, and floods, accelerated melting of glaciers and rises in the sea level, higher frequency of forest fires, shortages of freshwater, threatened crop production and aquaculture, higher incidence of heat-related and infectious diseases, but still the Bank does not intend to stop funding projects that promote climate change” says Sreedhar Ramamuthi of Environics Trust, a grassroots organization based in New Delhi, India.Read More