May 3, 2024

Letter to ADB Governors

Public financial institutions like the ADB are vital for helping developing countries switch to safe and renewable energy. It is essential that the ADB provides funding and technical assistance for renewable energy projects and excludes harmful energy solutions from its portfolio, including dams, nuclear, waste-to-energy, and fossil gas.

350.Org: CSOs Denounces ADB’s Draft Safeguards Policy, Call for Immediate Revisions / April 25, 2024. Ahead of the ADB’s Annual meeting next month, civil society groups held a lightning rally in front of the main office of the Asian Development Bank (ADB) in Ortigas, Pasig City calling on the Asian Development Bank (ADB) to go back to the drawing board and overhaul the draft environmental and social framework (ESF) as written in its current form. Photo / Leo M. Sabangan II.

To ADB Governors:

I’m concerned about the Asian Development Bank’s (ADB) Energy Policy. While it’s good that they won’t fund new coal-fired power plants directly, it still allows financing for natural gas projects, including gas transmission, LNG terminals, and gas-fired power plants.

The new policy acknowledges the environmental and financial risks associated with coal, as well as the changing landscape where coal is no longer the cheapest option for baseload demand. However, by continuing to support natural gas projects, the ADB is missing a chance to push for renewable energy solutions which we need to meet the goals of the Paris Agreement.

Public financial institutions like the ADB are vital for helping developing countries switch to safe and renewable energy. It is essential that the ADB provides funding and technical assistance for renewable energy projects and excludes harmful energy solutions from its portfolio, including dams, nuclear, waste-to-energy, and fossil gas.

I’m asking the ADB to implement transparent, accountable, and equitable investment practices, including disclosing all investments in energy projects and considering their social and ecological impacts.

The ADB should also prioritize grants over loans for financing energy transition projects so that developing countries can access the necessary resources without being burdened by debt.

I’m asking the ADB to implement transparent, accountable, and equitable investment practices, including disclosing all investments in energy projects and considering their social and ecological impacts. The ADB should also prioritize grants over loans for financing energy transition projects so that developing countries can access the necessary resources without being burdened by debt.

Furthermore, community consultation and consent should be prioritized in all energy projects, ensuring that local communities are involved in decision-making processes and that their rights and livelihoods are protected.

These changes can make the ADB a leader in supporting the transition to a low-carbon economy and protecting the environment for future generations.

Sincerely,