Asian Development Bank Must Improve Climate, Energy Lending Policies

As the Asia Clean Energy Forum kicks off next week, the Asian Development Bank and other multilateral development banks should do more to integrate climate change and clean energy considerations as a core part of their development assistance.

“As a major development institution, the Asian Development Bank has a critical role to play in channeling support towards low-carbon development and increasing protection from climate-related disasters in developing Asian countries,” said Maria Athena Ballesteros, a senior associate at the World Resources Institute (WRI), who will speak on a panel June 18 entitled “Finance Solutions for Clean Energy.”

“WRI’s independent analyses show that more than 60 percent of all development-bank financing for the energy sector over the past five years has not considered climate change at all. This needs to vastly improve.”

“The Asia Pacific region is facing serious challenges with threats from global climate change, the worsening financial crisis, and soaring food and fuel prices,” Ballesteros added. “The ADB and other development banks are in a position - and have the economic and moral responsibilities - to improve energy security, public health, and climate resilience. This can be accomplished through implementing policies to deliver electricity through a safe, affordable, and reliable infrastructure.”

More than 700 attendees are expected for the forum, which runs through next Friday. The forum highlights best practices in policy and finance and seeks to inspire actions that respond to Asia’s climate, access, and energy-security challenges.