The Philippine Movement for Climate Justice denounces the Asian Development Bank’s (ADB) financing of fossil fuels and its endorsement of false solutions.

The Asian Development Bank is hosting the Asian Clean Energy Forum, happening June 3-7, 2024. The week-long event involves discussions on clean energy transition and industry best practices to develop and utilize renewable energy.

However, ADB’s Energy Transition Mechanism and motion to promote a “clean” energy transition contradicts the foundations of an ambitious just energy transition.

Firstly, their framework relies on fossil gas (liquefied natural gas/LNG) as a transition fuel. LNG is not clean. It releases fugitive methane, a greenhouse gas 80 times more potent than carbon dioxide, and pollutants like carbon monoxide and sulfur dioxide. Transitioning to LNG will only lock us in for at least 20 years with this fossil fuel, ignoring the Intergovernmental Panel on Climate Change’s recommendation to peak fossil fuel use by 2025.

Secondly, ADB prioritizes corporate interests through its promotion of the carbon pricing system, which allows energy companies to continue using fossil fuels in exchange for dubious social and climate work. ADB also promotes the “repurposing” of coal-fired power plants for other equally dirty forms of energy, such as waste-to-energy. This includes false solutions like ammonia and hydrogen co-firing, which will allow old fossil fuel plants to operate indefinitely.

This coddling of fossil fuel companies is alarming when energy is a public utility. Its development should prioritize the capacity and safety of consumers.

Lastly, ADB’s energy transition is funded by debt. It will bury the country in even more debt to foreign governments like the US, when it is these same polluter countries who should be paying climate reparations to the Philippines. These can be accomplished through financing of rehabilitation projects and technology transfer of renewables. But to this day, the Philippines continues to pay the price of the climate impacts brought about by their historical emissions.

We do not need debt or fossil fuels when we can utilize the wealth of renewable energy sources available to us. A just transition to renewables, supported by climate reparations, will create jobs, empower communities, and make clean, affordable energy available to the greater public.

ADB, we do not want your “clean” energy transition. We demand concrete solutions to the climate crisis.

Deliver climate reparations. Stop funding fossil fuel projects. Just energy transition now!

FOR INQUIRIES

Raymond Ruedas (mediacommunications@climatejustice.ph) 09274382015