Despite its stated commitment to climate action and a “prosperous, inclusive, resilient, and sustainable Asia and the Pacific,” the Asian Development Bank (ADB) has spent over $4.7 billion on gas since the adoption of the Paris Agreement. Plans to expand gas infrastructure in Asia pose one of the greatest threats to meeting the goals of the Paris Agreement and averting the most catastrophic impacts of the climate crisis.
The ADB is the second largest multilateral institution financing fossil fuels in Asia. The Bank’s gas finance accounts for over 96% of the Bank’s fossil fuel financing from 2016-20. Gas is not clean, cheap, or necessary. Continued investment in gas and other fossil fuels is impeding the rapid development of clean renewables to expand energy access and increase climate resiliency.
If the ADB is truly committed to demonstrating climate leadership and achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, the ADB must end all fossil fuel financing immediately.