The Asian Development Bank has plans to stop funding

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  • 19 Jun 2019 12:00 AM
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Asian Development Bank to Stop Funding Coal-fired Power Plants

The Asian Development Bank (ADB) has plans to stop funding coal-fired power plants, except in selected countries where the bank considers the alternatives to be limited. Nine months ago, ADB said that there would be no place for "dirty energy" in its new climate finance strategy. The updated climate strategy, unveiled in July last year, promises up to US $80 billion in climate adaptation and mitigation spending primarily to support renewable energy and energy efficiency projects, and highlights the bank’s shift of focus from poverty reduction to creating climate resilient and inclusive growth for the region. "I don’t know whether we will totally dismiss the possibility of coal projects, because in some countries there’s no access to other options," the development bank’s president Takehiko Nakao said on Tuesday at ADB’s week-long Asia Clean Energy Forum in Manila. "There have been many changes [since 2009] so we should adjust our policies to address these new developments."

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