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Green NGOs have accused the Asian Development Bank of indirectly financing coal plants in Indonesia through a $600 million loan despite promises to no longer fund projects tied to the fossil fuel, according to a new report."Publicly funded institutions like the Asian Development Bank must include robust coal exclusions in contracts. in order to end coal finance for good," said Daniel Willis, finance campaigner at NGO Recourse. ....
The IEA says this means that no new major oil and gas extraction projects are needed anywhere around the globe, nor any new coal mines or unabated coal plants. ....
An extension of the coal reduction policy to all lending will act as a strong impetus for Indian financial institutions to strengthen their own policies on coal reduction. ....