ADB sets $80-billion climate financing target

Asian Development Bank (ADB)
BERNARD P. TESTA

THE Asian Development Bank (ADB) said Friday that it has set a target of $80 billion worth of climate financing by 2030.

The ADB is committed to helping its member countries access clean and reliable energy, ADB Chief of the Energy Sector Group Yongping Zhai said.

“Our target is to reach $80 billion in climate financing for 2019-2030. From 2009 to 2019, our clean energy financing totaled $23 billion,” Mr. Zhai told BusinessWorld in an e-mail interview Friday.

On its website, the bank committed to ensure that at least 75% of its projects will address climate change mitigation and adaptation by 2030.

The ADB said 86% of projects it funded last year are expected to contribute to mitigating climate change.

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On Wednesday, a newly-formed international coalition of civil society organizations and people’s movements called on the ADB to end the funding and support for gas, coal and oil. The “Fossil Free ADB Coalition” claims that the bank has “spent around $10 billion on fossil fuel projects since 2009.”

“The ADB’s continued support for fossil fuels undermines its mission to achieve a ‘prosperous, sustainable, inclusive and resilient’ Asia and the Pacific and undercuts its commitment to climate action,” the Fossil Free ADB Coalition said in a statement.

ADB has said that it is in the process of revising its 2009 energy policy, which will guide its investment decisions until 2030.

On Friday, ADB’s Mr. Zhai said that the bank has conducted three rounds of consultations with non-governmental organizations on its updated energy policy, and will continue to consult with stakeholders.

“The new policy will reflect the global commitments on climate and sustainable development and will support our Asian developing members in their low-carbon transitions,” he said. — Angelica Y. Yang

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