The Philippine Movement for Climate Justice calls on the Asian Development Bank to push for an energy policy that truly liberates the countries from dirty, destructive, coal and fossil fuels and uphold the commitments enshrined in Sustainable Development Goals Agenda, Strategy 2030, and the Paris Climate Deal.
After almost 10 years of the adoption of the Energy Policy, several agreements and binding documents were drafted to give weight on the ADB’s goal to lessen the impacts of climate change and provide frameworks for global collective action to limit global warming to 1.5 degrees Celsius. However, despite the existence of these, ADB’s Energy Policy still continues to allow for the financing of infrastructures that supports new coal plants and other coal-related industries.
Proof of the matter is, in the Philippines, ADB has also extended loans of $120 million for the construction of the Korea Electric Power Corporation’s 200-MW coal-fired power plant in Cebu province and $200 million for the rehabilitation of the Masinloc Power Partners Ltd.’s 600-MW coal-fired thermal power plant in the Zambales province. It has an approved project for Philippine Investment Alliance for Infrastructure (PINAI) wherein equity investment worth $1,054,850 million was approved. This involves a 552 MW coal-fired power plant in Kauswagan, Lanao del Norte – a joint venture of GNPower Kauswagan and PINAI.
Clearly, ADB failed to stay true to its goals and failed to go beyond ceremonial meetings. ADB has failed to fulfill its mandate.
It is not enough to recognize that millions have been left behind and remain desperately poor. Long term and sustainable solutions should have been the benchmark of assessing its performance above all else
It is about time that we hold ADB accountable for supporting the coal industry and for failing to see the bigger picture of how poor remains to be the most vulnerable sector affected by the impacts of climate change exacerbated with the continuous emissions of greenhouse gases in the atmosphere.
The existence of some coal industries here in the country has been fueled and empowered by ADB’s misguided support to the coaligarchs which causes miseries and suffering to the people.
We demand ADB out of Asia Now!
Stop funding climate disasters!
ADB, breakfree from fossil fuels!
