Louise Maureen Simeon - The Philippine Star August 27, 2021 | 12:00am
https://www.philstar.com/business/2021/08/27/2122832/green-group-wants-clearer-adb-plan-coal-output
MANILA, Philippines — The Asian Development Bank (ADB) should clarify its plan to establish a carbon reduction facility that would buy and operate existing coal-fired power plants even as it committed to exit coal financing.
The Center for Energy, Ecology, and Development (CEED) urged the Manila-based multilateral lender to clear up on its plan on the coal buyout scheme.
ADB said it would pursue a scheme to buy out coal power plants and wind them down within 15 years to allow countries to shift to renewable energy.
ADB has allocated $1.7 million to conduct feasibility studies on the cost of early closures of coal plants.
Just three months ago, ADB said it would no longer finance any coal mining, oil, and natural gas field exploration, drilling, or extraction activities.
“When ADB made an announcement in May, we welcomed it as recognition of the bank’s obligation to atone for having fueled massive coal expansion in Asia in decades past,” CEED executive director Gerry Arances said.
Sought for comment, ADB said “details are still being hammered out” adding that it would be in a better position to discuss the matter around October during the United Nations Climate Change Conference (COP26).
Further, CEED maintained that a 15-year period would mean more years of exposure to inefficient and pollution-causing coal plants.
The research institution also questioned the bank’s decision to work with finance institutions still channeling financial support to the coal industry.
The group said it would continue to engage with the bank on its energy development directions.
“The immediate and just phase-out of coal and transition to clean and affordable energy from renewables in climate-vulnerable Philippines and the rest of Asia must be ADB’s priority in all its energy related initiatives,” Arances said.
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