The ADB, which provides loans and grants for projects in the poorest countries in the Asia Pacific region, said its current policy was "no longer adequately aligned with the global consensus on climate change".
However, under certain conditions, it would provide funds for natural gas projects and "hybrid electricity solutions" involving fossil fuels as backup systems, according to the draft. Earlier this week, US climate envoy John Kerry called on the ADB to adopt a "more restrictive fossil fuel financing policy", warning that island nations faced a situation "beyond existential" due to climate change."Communities throughout Asia have struggled for decades to demand ADB to stop financing dirty energy," Greenpeace Southeast Asia program director Jasper Inventor said in a statement.
But he said the ADB must "urgently phase out fossil gas, waste to energy, and large hydro projects to achieve the Paris Goal of staying below 1.5 degrees".
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