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Among multilateral development banks, ADB stands out as one of the biggest lenders to the region's fossil fuel-dominated energy sector
Activists and civil society groups said ADB's proposed mechanism undermines “just energy transition” in the region
The groups warned the bank that it will be missing the critical 1.5 Celsius climate goal should it approve the "fossil fuel-friendly draft"
ADB and other key financial institutions earlier expressed intention to pursue a scheme to buy out coal power plants
Greenpeace says ADB's draft police "falls short and completely misses the mark in responding to this decade’s realities"
ADB has allegedly “opted to help build now thriving carbon-intensive energy systems" that cause global temperature rise
Developing Asia, which groups 45 countries in the Asia-Pacific, is forecast to grow 7.3% in 2021, the ADB said
An independent study recommended that the bank revisit its energy policy and formally withdraw from financing new coal-fired energy capacity