MANILA — As the climate crisis bites, the Asian Development Bank (ADB) has unveiled its ambitious plan to scrap funding for coal mining and power plants, and ban support for oil and natural gas field exploration or extraction activities in the Asia-Pacific region. Under its draft Energy Policy released May 7, the Philippines-based bank said it decided to update its 2019 policy to align with the fundamental changes in the energy sector, the ongoing global energy transformation, and rising concerns over climate change. ADB said its old energy policy “is no longer adequately aligned with the global consensus on climate change, and the ongoing global transformation of the energy sector.” “In this draft policy, we aimed to formally withdraw financing for new coal power generation,” ADB’s energy sector group chief, Yongping Zhai, told Mongabay Environews Philippines. “ADB will support countries to achieve a planned and rapid phaseout of coal while considering the impact on people and communities to ensure a just transition with no-one left behind.” The bank, Zhai said, is currently consulting with shareholders and the public over the final version of the energy policy, which will be submitted for consideration to the ADB board of directors by October this year. ADB has committed to deliver $80 billion in climate finance funds between 2019 and 2030 and will ensure that at least 75% of its projects will address climate change mitigation and adaptation by 2030, he said. The coal-fired Quezon Power Plant in Mauban, Quezon. The 511MW power plant…This article was originally published on Mongabay Läs mer

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