The Asian Development Bank (ADB) has approved a 100 billion funding plan for developing member countries (DMCs) to address climate change by 2030. However, the organization will not finance any new coal-fired power plant. They are focusing on reducing carbon emissions in the Pacific.
ADB President Masatsugu Asakawa made the announcement through a press release on Wednesday (October 20).
It said the effects of global warming have caused deep concern around the world. And this is the main reason why the organization has taken such a decision.
ADB President Masatsugu Asakawa said the role of electricity is a key to inclusive socio-economic development. But power generation policies have had a detrimental effect on the climate and the environment. ADB's new energy policy will help our developing member countries (DMCs) deliver reliable, affordable, and environmentally friendly energy.
"We make a strong commitment that ADB will no longer finance any new coal-fired power plants," he added.