Asian Development Bank to end coal, upstream oil and gas financing - draft statement (.)If the Bank will consider fossil gas as a bridge and transition fuel, it needs to stipulate an end, he added. Set up in the early 1960s and headquartered in Manila, the ADB has channelled $42.5 billion into the energy sector across the region between 2009 and 2019, it said on its website.Reuters | Updated: 08-05-2021 08:30 IST | Created: 08-05-2021 08:30 IST
The Asian Development Bank will no longer finance coal mining or oil and natural gas production and exploration, it announced in a draft policy statement on Friday, a move welcomed by environmental groups, which said it was a decade overdue. The multilateral development bank, which focuses on eradicating poverty in Asia, provided no timeline for its commitment. It also laid out conditions under which fossil fuel projects would continue to receive funding, such as where no other cost-effective technology was available.