ADB's Revised Energy Policy Boosts Clean Energy, Sparks CSO Concerns
The Asian Development Bank (ADB) has announced significant revisions to its energy policy, reflecting the growing demand for clean energy and digital technologies in the Asia Pacific region. The updated policy, set to be released on 3 October, has sparked both anticipation and concern among civil society organisations (CSOs).
The ADB's new energy policy, a midterm assessment of the 2021 policy, aims to invest in critical minerals and clean technology manufacturing. It also includes plans for methane reduction efforts. The policy revision, initially slated for the third quarter of this year, was delayed to October, with specific reasons for the postponement not detailed.
CSOs have raised concerns about the rushed review process. Despite these concerns, the ADB approved its first critical minerals project in Pakistan in August, located in a conflict area. The project's approval has further fueled CSO apprehensions.
The ADB has stated that all proposals will undergo rigorous risk and impact assessments, along with meaningful consultations with CSOs and Indigenous peoples' organisations. The final policy is expected to restrict oil trade finance and support limited downstream oil projects, but not upstream or midstream oil exploration and production projects.
The ADB's updated energy policy, to be released on 3 October, signals a shift towards cleaner energy and digital technologies. However, CSOs' concerns about the review process and project approvals in sensitive areas highlight the need for careful consideration and inclusive dialogue in implementing these changes.
Read also:
- chaos unveiled on Clowning Street: week 63's antics from 'Two-Tier Keir' and his chaotic Labour Circus
- Racing ahead in Renewable Energy Dominance: Changzhou, Jiangsu Pushes for Worldwide Renewable Energy Ascendancy
- Colorado's Proposition 112: A 2,500-Foot Fracking Buffer on the Ballot
- Renault Group to Discuss Decarbonization and Circular Economy Strategies at ChangeNow 2023 Event
