Today 36 organizations sent a letter to Asian Development Bank President Masatsugu Asakawa calling on the ADB to demonstrate meaningful climate leadership and stop fueling the climate crisis with its financing and support for fossil fuels.
Asian Development Bank:
GO FOSSIL FREE
We can’t afford more gas, coal, and oil. Tell ADB leadership to invest in solutions, not more fossil fuels.
Why Does the ADB Need to Take Action?
The ADB is currently revising its energy policy, which will guide its investment decisions for the next decade.
What the Bank decides now will set the course for whether we cut global carbon emissions by 2030 and stop harming communities with dirty fossil fuel projects, or fail to protect our planet and communities.
This year’s policy review – the first in over a decade – is the bank’s chance to set a new direction.
The ADB Is a Climate Laggard
Governments in the UK, EU, and US have made strong commitments to stop financing fossil fuel infrastructure at home and abroad. This follows the European Investment Bank’s groundbreaking commitment to end its financing of oil, gas, and coal projects.
We can’t address the climate emergency if the ADB continues to fund the crisis.
Fossil Fuels Undermine the ADB’s Mission
“The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.”
– The Asian Development Bank
The ADB’s support for gas, oil, and coal undermines its own mission. The ADB’s financing is fueling the climate emergency and harming communities and ecosystems.
If the Bank continues to support fossil fuels, it will undermine global climate action and put local communities’ health and livelihoods at risk.
Civil society organizations and people’s movements from Asia, Europe, North America, and Australia have launched a “Fossil Free ADB” campaign to pressure the Asian Development Bank (ADB) to end its financing and support for gas, coal and oil.