ADB adopts clean energy policy for Asia

The Asian Development Bank (ADB) has approved a new energy policy to support universal access to reliable and affordable energy services, while promoting the low-carbon transition in Asia and the Pacific.

“Energy is central to inclusive socio-economic development, but the expansion of energy systems has come at the cost of harmful impacts on our climate and environment,” said ADB President Masatsugu Asakawa in a statement released on Wednesday.

“ADB’s new energy policy will support our developing member countries (DMCs) in the critical and urgent task of expanding access to reliable, affordable, and clean energy.”

“This new policy locks in our strong commitment that ADB will not fund new coal power production,” he said.

“Together with our elevated ambition to deliver $100 billion in climate financing to our DMCs in 2019–2030, it provides a clear path for ADB’s contribution to an environmentally sustainable energy future.”

Progress on access to energy has been rapid across developing Asia and the Pacific. But roughly 350 million people in the region do not have an adequate supply and about 150 million people still have no access to electricity.