{"id":50265,"date":"2021-05-12T06:37:01","date_gmt":"2021-05-11T20:07:01","guid":{"rendered":"https:\/\/www.solarquotes.com.au\/blog\/?p=50265"},"modified":"2021-05-12T06:37:01","modified_gmt":"2021-05-11T20:07:01","slug":"adb-coal-financing-mb1992","status":"publish","type":"post","link":"https:\/\/www.solarquotes.com.au\/blog\/adb-coal-financing-mb1992\/","title":{"rendered":"ADB May (Finally And Formally) Turn Its Back On Coal Power"},"content":{"rendered":"<p><img decoding=\"async\" class=\"alignnone size-full wp-image-50266\" src=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/05\/coal-finance-adb.jpg\" alt=\"Asian Development Bank and coal\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/05\/coal-finance-adb.jpg 1200w, https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/05\/coal-finance-adb-300x158.jpg 300w, https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/05\/coal-finance-adb-1024x538.jpg 1024w, https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/05\/coal-finance-adb-768x403.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p>The Asian Development Bank is testing the waters for a new policy that would forbid it from backing coal mining and new coal power projects.<!--more--><\/p>\n<p>The Asian Development Bank is a regional development bank that was established back in 1996. Its stated goal these days is &#8220;<span class=\"aCOpRe\">achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific.&#8221; Note the &#8220;sustainable&#8221; mention.<br \/>\n<\/span><\/p>\n<p>It supports projects in developing member countries that create economic and development impact, delivered through both the public and private sectors. One of its focuses at the moment is a sustainable recovery from COVID-19 in Asia and the Pacific; the economic recovery the UN keeps pleading should a <a href=\"https:\/\/www.solarquotes.com.au\/blog\/guterres-fossil-fuels-mb1720\/\">&#8220;green&#8221; recovery<\/a>, free of fossil-fuel subsidies and other support.<\/p>\n<p>Something else the ADB has been tinkering with is a new Energy Policy, a draft of which was released last week for public consultation. While the ADB says it has not financed investments in coal power plants since 2013, its existing policy allows for it.<\/p>\n<p>But given the major changes in the energy landscape and considering the new emphasis of ADB&#8217;s Strategy 2030 released nearly *3 years ago* that includes the &#8220;sustainable&#8221; bit mentioned above; it&#8217;s time for the policy to be tightened up to reflect that.<\/p>\n<p>On page 25 of the <a href=\"https:\/\/www.adb.org\/sites\/default\/files\/institutional-document\/699206\/energy-policy-draft-consultation.pdf\">draft policy<\/a>, the ADB states it will not finance:<\/p>\n<ul>\n<li>Coal mining<\/li>\n<li>Oil and natural gas field exploration, drilling or extraction activities<\/li>\n<li>Any new coal-fired capacity for electricity and heat generation<\/li>\n<li>Any facilities associated with new coal generation<\/li>\n<\/ul>\n<p>So, that would be new coal power dealt with (or more accurately, not). But what about existing coal power?<\/p>\n<p>The document states:<\/p>\n<blockquote><p>&#8220;ADB will not participate in investments to modernize, upgrade, or renovate coal facilities that will extend the life of existing coal-fired power and heating capacity unless it is to re-engineer such plants for use of cleaner fuels, such as natural gas or renewable energy sources.&#8221;<\/p><\/blockquote>\n<p>That renewables support sounds good, the bit about gas, not so much &#8211; and a few groups have already bailed up ADB on that.<\/p>\n<h2>An End To New Coal Power In Japan?<\/h2>\n<p>While on the topic of the Asia Pacific and coal, there has been an interesting recent development in Japan, an ADB member.<\/p>\n<p>The Straits Times reports <a href=\"https:\/\/www.straitstimes.com\/asia\/east-asia\/japan-cancels-its-last-coal-power-plant-project\">plans have been scrapped<\/a> for a 1.3 gigawatt coal power project in Akita prefecture, which was meant to be up and running by 2024. The reasons provided were the government&#8217;s tighter environmental rules and banks shying away from financing such projects.<\/p>\n<p>The article notes several coal projects are currently under construction in Japan, but there are no plans for more plants past those.<\/p>\n<p>In October last year, Japan\u2019s Prime Minister Yoshihide Suga said the country would become <a href=\"https:\/\/www.solarquotes.com.au\/blog\/japan-carbon-neutral-mb1737\/\"> carbon-neutral by 2050<\/a>, then last month announced an aim of a 46% reduction by 2030 &#8211; and to go further if viable. This new commitment was well up on the previous 26% reduction from 2013 levels by 2030.<\/p>\n<p>It&#8217;s a bit of positive news for the planet, but not so great for the Australian coal industry as Japan is a major market for our problematic black rock.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Asian Development Bank is testing the waters for a new policy that would forbid it from backing coal mining and new coal power projects.<\/p>\n","protected":false},"author":17,"featured_media":50266,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[678],"tags":[],"class_list":["post-50265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solar-battery-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>ADB May (Finally And Formally) Turn Its Back On Coal Power<\/title>\n<meta name=\"description\" content=\"The Asian Development Bank is testing the waters for a new policy that would forbid it from backing coal mining and new coal power projects.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.solarquotes.com.au\/blog\/adb-coal-financing-mb1992\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ADB May (Finally And Formally) Turn Its Back On Coal Power\" \/>\n<meta property=\"og:description\" content=\"The Asian Development Bank is testing the waters for a new policy that would forbid it from backing coal mining and new coal power projects.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.solarquotes.com.au\/blog\/adb-coal-financing-mb1992\/\" \/>\n<meta property=\"og:site_name\" content=\"SolarQuotes Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/SolarQuotes\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-11T20:07:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/05\/coal-finance-adb.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Michael Bloch\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@solar_quotes\" \/>\n<meta name=\"twitter:site\" content=\"@solar_quotes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/adb-coal-financing-mb1992\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/adb-coal-financing-mb1992\/\"},\"author\":{\"name\":\"Michael Bloch\",\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/#\/schema\/person\/66afd571aa00c2e442f0192ebac2f6f1\"},\"headline\":\"ADB May (Finally And Formally) Turn Its Back On Coal Power\",\"datePublished\":\"2021-05-11T20:07:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/adb-coal-financing-mb1992\/\"},\"wordCount\":519,\"commentCount\":10,\"publisher\":{\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/adb-coal-financing-mb1992\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/05\/coal-finance-adb.jpg\",\"articleSection\":[\"General Solar &amp; 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The Agency says the totals from both government and private sectors fall well short of what is required to reach international climate goals, and global carbon\u2026","rel":"","context":"In &quot;General Solar &amp; Storage News&quot;","block_context":{"text":"General Solar &amp; Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Pandemic recovery and emissions: IEA","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/07\/emissions-iea-report.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/07\/emissions-iea-report.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/07\/emissions-iea-report.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/07\/emissions-iea-report.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/07\/emissions-iea-report.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":16407,"url":"https:\/\/www.solarquotes.com.au\/blog\/cook-islands-solar-mb0286\/","url_meta":{"origin":50265,"position":1},"title":"More Funding For Cook Islands Renewable Energy Project","author":"Michael Bloch","date":"November 3, 2017","format":false,"excerpt":"The Green Climate Fund (GCF) is kicking in $12 million as a grant to help finance part of the Cook Islands Renewable Energy Sector Project. The Cook Islands, situated halfway between New Zealand and Hawaii, is comprised of 15 islands scattered over a huge area of the South Pacific -\u2026","rel":"","context":"In &quot;General Solar &amp; Storage News&quot;","block_context":{"text":"General Solar &amp; Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Solar power and energy storage in the Cook Islands","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/11\/cook-islands-solar.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/11\/cook-islands-solar.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/11\/cook-islands-solar.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/11\/cook-islands-solar.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":70007,"url":"https:\/\/www.solarquotes.com.au\/blog\/accelerating-renewables-healthcare-mb2793\/","url_meta":{"origin":50265,"position":2},"title":"Renewables Could Improve Healthcare For A *Billion* People","author":"Michael Bloch","date":"January 17, 2023","format":false,"excerpt":"Close to a billion people across the planet are served by healthcare facilities with unreliable access to electricity, or none at all. This is a life and death situation that can be addressed with renewable energy states a new report. Imagine a scenario where having a simple medical procedure carried\u2026","rel":"","context":"In &quot;General Solar &amp; Storage News&quot;","block_context":{"text":"General Solar &amp; Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Renewable Energy In Healthcare","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2023\/01\/renewable-energy-healthcare.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2023\/01\/renewable-energy-healthcare.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2023\/01\/renewable-energy-healthcare.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2023\/01\/renewable-energy-healthcare.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2023\/01\/renewable-energy-healthcare.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":40140,"url":"https:\/\/www.solarquotes.com.au\/blog\/qld-renewables-recovery-mb1542\/","url_meta":{"origin":50265,"position":3},"title":"AYCC Launching QLD Renewable Energy Recovery Campaign","author":"Michael Bloch","date":"May 28, 2020","format":false,"excerpt":"The Australian Youth Climate Coalition (AYCC) is demanding a renewables-led COVID-19 economic recovery for Queensland, and it's about to virtually assemble its troops. The AYCC consists of dozens of other youth organisations, including the National Union of Students, and is part of the Global Youth Climate Movement. The AYCC claims\u2026","rel":"","context":"In &quot;General Solar &amp; Storage News&quot;","block_context":{"text":"General Solar &amp; Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Queensland Renewable Energy Recovery - AYCC","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/05\/qld-renewable-recovery.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/05\/qld-renewable-recovery.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/05\/qld-renewable-recovery.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/05\/qld-renewable-recovery.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/05\/qld-renewable-recovery.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":49558,"url":"https:\/\/www.solarquotes.com.au\/blog\/iea-emissions-coal-mb1966\/","url_meta":{"origin":50265,"position":4},"title":"IEA: Big Emissions Jump In 2021, Courtesy Of Coal Power","author":"Michael Bloch","date":"April 22, 2021","format":false,"excerpt":"The economic recovery from COVID is currently anything but sustainable says the International Energy Agency, as it is being driven in part by a resurgence in coal power. The IEA\u2019s Global Energy Review 2021 released yesterday estimates energy-related CO2 emissions will increase this year by almost 5% to 33 billion\u2026","rel":"","context":"In &quot;General Solar &amp; Storage News&quot;","block_context":{"text":"General Solar &amp; Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Coal power emissions - IEA","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/04\/coal-emissions-iea.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/04\/coal-emissions-iea.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/04\/coal-emissions-iea.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/04\/coal-emissions-iea.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/04\/coal-emissions-iea.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":40271,"url":"https:\/\/www.solarquotes.com.au\/blog\/irena-renewables-coal-mb1549\/","url_meta":{"origin":50265,"position":5},"title":"Coal Power Environmentally *And* Economically Unjustifiable: IRENA","author":"Michael Bloch","date":"June 3, 2020","format":false,"excerpt":"The case for new and much of existing coal power generation capacity is environmentally and economically unjustifiable says the International Renewable Energy Agency (IRENA). In 2021, up to 1,200 gigawatts of existing coal power capacity could cost more to operate than new utility-scale solar power costs to install states a\u2026","rel":"","context":"In &quot;General Solar &amp; Storage News&quot;","block_context":{"text":"General Solar &amp; Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Renewable Power Generation Costs In 2019: IRENA","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/06\/irena-renewables-coal.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/06\/irena-renewables-coal.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/06\/irena-renewables-coal.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/06\/irena-renewables-coal.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/06\/irena-renewables-coal.png?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts\/50265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/comments?post=50265"}],"version-history":[{"count":3,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts\/50265\/revisions"}],"predecessor-version":[{"id":50269,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts\/50265\/revisions\/50269"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/media\/50266"}],"wp:attachment":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/media?parent=50265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/categories?post=50265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/tags?post=50265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}