In May, to little fanfare, the Asian Development Bank (ADB) released a draft energy policy called “Supporting Low Carbon Transition in Asia and the Pacific,” which prohibits the bank from financing any coal mining, new oil, and natural gas field exploration as well as drilling or extraction activities.
The bank also said it will loan no money for new coal-fired power or heat plants or any facilities associated with new coal generation; it will not participate in investments to modernize, upgrade, or renovate coal facilities to extend their operational lives unless it is to reengineer such plants for use of cleaner fuels; and it will support member countries trying to mitigate the health and environmental impacts of existing coal-fired power plants. Finally, it will support member countries in planning for the early retirement of coal power plants.
