{"id":37902,"date":"2018-10-24T15:16:40","date_gmt":"2018-10-24T14:16:40","guid":{"rendered":"http:\/\/www.climatechangenews.com\/?p=37902"},"modified":"2018-10-24T15:16:40","modified_gmt":"2018-10-24T14:16:40","slug":"asian-development-bank-signals-end-dirty-coal-finance","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2018\/10\/24\/asian-development-bank-signals-end-dirty-coal-finance\/","title":{"rendered":"Asian Development Bank signals end to &#8216;dirty&#8217; coal finance"},"content":{"rendered":"<p><strong>The Asian Development Bank (ADB) is making a decisive shift to clean energy, according to its energy chief.<\/strong><\/p>\n<p>Coal plants are becoming unviable investments, Yongping Zhai\u00a0<a href=\"https:\/\/vietnamnews.vn\/world\/468375\/no-place-for-dirty-energy-in-adbs-climate-vision.html#r8IyfYW6ry2CW8Ep.97\">wrote in Viet Nam News<\/a>, as renewable energy\u00a0costs fall and the bank puts a carbon price in excess of $36 a tonne on lending decisions.<\/p>\n<p>The bank last approved a coal power project five years ago, he said, to convert Pakistan&#8217;s\u00a0Jamshoro plant to run on coal instead of heavy fuel oil. Last year it backed $2 billion worth of\u00a0investment into\u00a0renewable energy and energy efficiency, on the way to a $3bn target for 2020.<\/p>\n<p>Some of its more innovative projects include a battery storage pilot to back up wind power in Pakistan, and a floating solar farm in Vietnam.<\/p>\n<p>&#8220;Clean energy will power\u00a0Asia\u2019s future,&#8221;\u00a0wrote the bank executive. &#8220;We will ensure that, as we meet our own climate finance targets, ADB\u2019s lending portfolio has no place for &#8216;dirty energy&#8217;.&#8221;<\/p>\n<p>In the &#8220;transition&#8221; to clean energy, the bank continues to support gas-fired power plants, which emit roughly half the CO2 of coal plants.<\/p>\n<blockquote><p><a href=\"http:\/\/www.climatechangenews.com\/2018\/10\/24\/world-bank-dumps-coal-plant-kosovo-turns-us\/\"><strong>Kosovo<\/strong> turns to US after World Bank dumps coal plant<\/a><\/p><\/blockquote>\n<p><a href=\"https:\/\/www.e3g.org\/library\/banking-on-reform-aligning-development-banks-with-paris-climate-agreement\" target=\"_blank\">Analysis by think-tank E3G<\/a> based on 2015-16\u00a0data found that ADB was still investing slightly more in fossil fuel projects than green energy. On overall\u00a0alignment with the goals of the Paris Agreement,\u00a0it ranked ADB fourth out of six major development banks.<\/p>\n<p>The authors urged ADB to\u00a0limit oil and gas lending and update its carbon price.<\/p>\n<p>How Asia meets its fast-growing energy demand is critical to meeting global climate goals. Many governments and financiers are still betting on coal, which would blow the targets, but development banks are moving towards cleaner options.<\/p>\n<blockquote><p><strong>Brazil\u2019s Jair Bolsonaro is <em>the<\/em> environmental story of 2018.<\/strong><\/p>\n<p>No-one is better positioned than CHN\u2019s Fabiano Maisonnave to cover the impact of his near-certain presidency on the world\u2019s most important forest. We are the <strong>only international news site with a correspondent living in the heart of the Amazon<\/strong>. You can read some of the great reporting Fabiano has already done for us <a href=\"http:\/\/www.climatechangenews.com\/author\/fabiano-maisonnave\/\">here<\/a>.<\/p>\n<p>We know we need to keep on this story, but after a huge 2018 and with the biggest UNFCCC talks in years approaching, our resources are really stretched. <strong>Please help us to keep Fabiano writing by making a small donation <a href=\"https:\/\/www.patreon.com\/climatehomenews\" target=\"_blank\" rel=\"noopener noreferrer\" data-auth=\"NotApplicable\">through our Patreon account<\/a>.<\/strong><\/p><\/blockquote>\n<p><strong><a href=\"http:\/\/www.climatechangenews.com\/about-us\/republishing-our-work\/\">Republish this article<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Falling renewable energy costs and a shadow carbon price are making coal power investments unviable, according to bank energy chief Yongping Zhai","protected":false},"author":12,"featured_media":37905,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3863,737,6,598,439],"tags":[3249],"coauthors":[3983],"class_list":["post-37902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-efficiency","category-energy","category-fossil-fuels","category-renewables","tag-asian-development-bank","type-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Asian Development Bank signals end to &#039;dirty&#039; 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