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According to the head of energy at the Asian Development Bank, the Asian Development Bank (ADB) is making a decisive shift
to clean energy.
With the cost of renewable energy falling and banks making lending decisions carbon more than $36 per tonne, coal plants are becoming an unviable investment
.
The bank approved a coal power project five years ago to switch Pakistan's Jamshoro plant to use coal instead of heavy fuel oil
.
Last year it backed $2 billion in renewable energy and energy efficiency investments, aiming to reach a $3 billion target
by 2020.
These also include some of the more innovative projects, including battery storage pilots supporting wind power in Pakistan and floating solar power plants
in Vietnam.
"Clean energy will power Asia's future," the bank's executive said, "and we will ensure that ADB's lending portfolio is no longer polluting when
we meet our climate finance targets.
" ”
In the transition to clean energy, the bank continues to support gas-fired power plants, which emit about half
of the CO2 emissions of coal-fired power plants.
An analysis by think tank E3G, based on data from 2015-16, found that ADB still spends slightly more on fossil fuel projects than on green energy
.
In overall meeting the goals of the Paris Agreement, ADB ranks fourth
out of six major development banks.
How Asia meets its rapidly growing energy needs is critical
to meeting global climate goals.
Many governments and financiers are still betting on coal, which will hit the target, but the development bank is moving towards
a cleaner option.
According to the head of energy at the Asian Development Bank, the Asian Development Bank (ADB) is making a decisive shift
to clean energy.
With the cost of renewable energy falling and banks making lending decisions carbon more than $36 per tonne, coal plants are becoming an unviable investment
.
The bank approved a coal power project five years ago to switch Pakistan's Jamshoro plant to use coal instead of heavy fuel oil
.
Last year it backed $2 billion in renewable energy and energy efficiency investments, aiming to reach a $3 billion target
by 2020.
These also include some of the more innovative projects, including battery storage pilots supporting wind power in Pakistan and floating solar power plants
in Vietnam.
"Clean energy will power Asia's future," the bank's executive said, "and we will ensure that ADB's lending portfolio is no longer polluting when
we meet our climate finance targets.
" ”
In the transition to clean energy, the bank continues to support gas-fired power plants, which emit about half
of the CO2 emissions of coal-fired power plants.
An analysis by think tank E3G, based on data from 2015-16, found that ADB still spends slightly more on fossil fuel projects than on green energy
.
In overall meeting the goals of the Paris Agreement, ADB ranks fourth
out of six major development banks.
How Asia meets its rapidly growing energy needs is critical
to meeting global climate goals.
Many governments and financiers are still betting on coal, which will hit the target, but the development bank is moving towards
a cleaner option.
