Recourse reiterated its demands for the Asian Development Bank’s (ADB) revised Energy Policy to be fossil free and climate proof, as the multilateral development bank (MDB) closed its second round of comments on the draft policy. It urged ADB to play a leadership role in shifting development finance toward a more sustainable path, to align with the Paris Agreement and its goal of keeping global warming to below 1.5°C.
The urgency to strengthen the policy and commit to the 1.5°C goal has never been clearer. IPCC’s latest report, dedicated specifically to that goal, warns that this threshold could already be breached within 20 years and calls for an immediate strengthened global response. Despite these stark words, while including several references to the Paris Agreement, ADB’s draft policy continues to exclude any mention of the 1.5°C goal.
Though the ADB has now ruled out support for coal power, it continues to push gas as a transition fuel. This runs counter to recent analysis by the International Energy Agency, which states that “there is no need for investments in new fossil fuel supply”, including “no new oil and natural gas”. Several other loopholes must also be closed in the draft policy.
Recourse’s submission outlines a number of recommendations for how ADB’s Energy Policy can be strengthened, including for it to:
Finally, Recourse expressed disappointment about the consultation’s lack of outreach in Asia and strongly encouraged ADB to rectify this as a matter of urgency, including efforts to reach affected communities for their input and views. Recourse’s submission should be read in conjunction with other inputs, in particular those of civil society and indigenous peoples’ organisations in, such as a submission from NGO Forum on ADB, which Recourse supports.
Read the full submission here.