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Under a draft energy policy released on Friday, the Asian Development Bank (ADB) will end all financing for coal mines and power plants and ban support
for oil and gas production.
The Philippine-based bank said "the energy landscape has changed profoundly" since it last updated its energy policy in 2009 and that the document is "no longer consistent with the global consensus on climate change.
"
By supporting decarbonization initiatives across Asia, ADB said it would "work with local communities and stakeholders to support the creation of new jobs.
"
The draft policy is the latest step
in the campaign to decarbonize major Asian economies.
Last month, China pledged to peak coal consumption in 2025 before phasing out its reliance on coal
.
South Korea pledged to end overseas financing
for coal-fired power plants.
Japan has cancelled plans
for the last coal-fired power plant under construction in pipelines.
Tim Buckley, head of research at energy finance at the Institute for Energy Economics and Financial Analysis (Ieefa), said the policy was "a welcome step in the right direction"
.
The region is accelerating its energy transition
"with incredible momentum".
Under a draft energy policy released on Friday, the Asian Development Bank (ADB) will end all financing for coal mines and power plants and ban support
for oil and gas production.
The Philippine-based bank said "the energy landscape has changed profoundly" since it last updated its energy policy in 2009 and that the document is "no longer consistent with the global consensus on climate change.
"
By supporting decarbonization initiatives across Asia, ADB said it would "work with local communities and stakeholders to support the creation of new jobs.
"
The draft policy is the latest step
in the campaign to decarbonize major Asian economies.
Last month, China pledged to peak coal consumption in 2025 before phasing out its reliance on coal
.
South Korea pledged to end overseas financing
for coal-fired power plants.
Japan has cancelled plans
for the last coal-fired power plant under construction in pipelines.
Tim Buckley, head of research at energy finance at the Institute for Energy Economics and Financial Analysis (Ieefa), said the policy was "a welcome step in the right direction"
.
The region is accelerating its energy transition
"with incredible momentum".
