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ADB AGM 2024 - Messages from BSG members

The Asian Development Bank AGM takes place from the 2nd to 5th May and BSG member groups and allies have some clear messages for them.

"ADBs Coal addiction has finally ended in 2021, yet the Gas addiction continues. A full detox is needed, if ADB intends to be a climate bank the rehabilitation needs to be absolute. No back peddling and no dealing with dirty fossils and dirty companies in secret." Rayyan Hassan, NGO Forum on ADB

"In 2015, ADB made a $30 million financing to develop Pakistan’s first LNG import terminal near Port Qasim Karachi laying the foundation for present and future planned LNG terminals concentrated at Port Qasim, locking-in the country with fossil gas that we are trying to get out of. The support which was meant for the country's push for greater energy security by using imported LNG, brought serious harm to the coastal communities. Neither could energy security improve due to the soaring LNG prices, instead the livelihood of the coastal communities living there have been devastated. If this trend persists, then it will only make it difficult for us to win the war against climate change." Izzah Batool, Gas Campaigner, Indus Consortium, Pakistan

"MDBs such as the ADB face a critical juncture, as they are tasked with scaling up financial resources to accelerate a just energy transition. One viable path is to phase out fossil fuel financing and redirect all investments to clean energy initiatives. ADB should expand its commitment to phasing out fossil fuel financing at all levels, from upstream to downstream. ADB bears significant responsibility for its substantial contribution to locking partner countries in Asia into fossil fuel dependency over the past decades. It could therefore take immediate action, rather than perpetuate this harmful situation for people and the environment." Andri Prasetiyo, Senior Researcher Climate Finance and Policy, Senik Centre, Asia

"Despite claiming to have stopped funding coal, the Asian Development Bank is still providing general purpose financing to Indonesian state energy company PLN, meaning that funds earmarked for promoting clean energy could end up supporting coal expansion. It's time for ADB to bridge to the future by adding all coal projects to its exclusion list and introducing strict coal exclusions into contracts with borrowers." Kate Geary, Recourse

"Considering the climate crisis, it’s remarkable ADB is still not adhering to its obligations under customary human rights law to prevent climate change harms by continuing to fund fossil fuel projects, including LNG infrastructure and new natural gas plants. The science is clear these investments will cause the 1.5°C warming limitation objective to be exceeded." Jason Weiner, Bank Climate Advocates

"ADB's new safeguards framework doesn't do enough to ensure transparency or protect communities from harm, especially when it comes to investments made via financial intermediaries. If the Bank is serious about building a bridge to a sustainable future, it must improve transparency and accountability, and instruct financial intermediaries to stop investing in dirty, volatile fossil gas." Marjorie Pamintuan, Recourse