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BusinessWorld May 9, 2021 | 7:32 pm REUTERS THE Asian Development Bank (ADB) said in its first energy policy draft that it will not be funding new coal-fired plants but will consider investing in eligible natural gas projects. âADB will withdraw from financing new coal power and heat plants,â the bank said in its policy draft which was posted on its website Friday. It added that it will not finance any coal mining, oil and natural gas field exploration, drilling or extraction. The ADB said it will support its member-countries by financing technologies which will control the emissions of their currently operating coal-fired power plants and district heating systems. But the bank clarified that it does not plan on participating in investments that modernize, upgrade or renovate coal-fired facilities âunless it is to re-engineer such plants for use of cleaner fuels, such as natural gas or renewable energy sources.â ....
Asian Development Bank to end coal, oil and gas financing -draft statement The Asian Development Bank will no longer finance coal mining or oil and natural gas activities, 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. Yongping Zhai, head of the ADB’s energy sector, said the draft would be deliberated by its board of directors in October. ....
Asian Development Bank to end coal, upstream oil and gas financing - draft statement 05/07/2021 | 11:08pm EDT Send by mail : Message : Required fields (Corrects headline and lead paragraph to specify upstream activities and last paragraph to say amount refers to 2009-2019 period) By Kanupriya Kapoor SINGAPORE (Reuters) - 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. ....
SINGAPORE (Reuters): 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 (May 7), 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. Yongping Zhai, head of the ADB s energy sector, said the draft would be deliberated by its board of directors in October. ....