Asian Development Bank to end coal, oil and gas financing

Asian Development Bank to end coal, oil and gas financing

The Asian Development Bank (ADB) will no longer finance new coal-fired power capacity, as well as oil and gas exploration and production, it announced in a draft policy statement on Friday.

Environmental groups welcomed the move towards a low-carbon energy economy, but said it had been a long time coming.

The multilateral development bank, which focuses on eradicating poverty in Asia, provided no timeline for its commitment. It also set out terms under which fossil fuel projects would continue to receive funding, such as where no other cost-effective technology was available.