Climate Diplomacy
Development
Energy
Asia
Megan Darby, Climate Home

As falling renewable energy costs and a shadow carbon price are making coal power investments unviable the Asian Development Bank (ADB) is making a decisive shift to clean energy, according to bank energy chief Yongping Zhai.

Coal plants are becoming unviable investments, Yongping Zhai wrote in Viet Nam News, as renewable energy costs fall and the bank puts a carbon price in excess of $36 a tonne on lending decisions. The bank last approved a coal power project five years ago, he said, to convert Pakistan’s Jamshoro plant to run on coal instead of heavy fuel oil. Last year it backed $2 billion worth of investment into renewable energy and energy efficiency, on the way to a $3bn target for 2020. Some of its more innovative projects include a battery storage pilot to back up wind power in Pakistan, and a floating solar farm in Vietnam. “Clean energy will power Asia’s future,” wrote the bank executive. “We will ensure that, as we meet our own climate finance targets, ADB’s lending portfolio has no place for ‘dirty energy’.” In the “transition” to clean energy, the bank continues to support gas-fired power plants, which emit roughly half the CO2 of coal plants.

Analysis by think-tank E3G based on 2015-16 data found that ADB was still investing slightly more in fossil fuel projects than green energy. On overall alignment with the goals of the Paris Agreement, it ranked ADB fourth out of six major development banks. The authors urged ADB to limit oil and gas lending and update its carbon price. How Asia meets its fast-growing energy demand is critical to meeting global climate goals. Many governments and financiers are still betting on coal, which would blow the targets, but development banks are moving towards cleaner options.

[This article originally appeared on climatechangenews.com.]

 

 

Source:
Climate Home

Climate Change
Security
Oceania & Pacific
Delia Paul, IISD

At the conclusion of the 50th Pacific Islands Forum, Pacific leaders issued a Forum Communiqué and the ‘Kainaki II Declaration for Urgent Climate Change Action Now’ – the strongest collective statement the Forum has issued on climate change. Pacific leaders highlight the UN Secretary-General’s Climate Action Summit, the SAMOA Pathway Review, and 25th session of the Conference of the Parties (COP 25) to the UNFCCC as “global turning points to ensure meaningful, measurable and effective climate change action”.

Climate Diplomacy
Private Sector
South America
Central America & Caribbean
Adriana Erthal Abdenur, Igarapé Institute

If ratified, the Mercosur-EU trade deal may reinforce the parties’ commitment to climate action. Yet, its potential relevance is weakened by a language that often stops short of concrete commitments, as well as by political resistance.

Climate Change
Water
Middle East & North Africa
Theodore Karasik and Jacopo Spezia Depretto, Fair Observer

Iraq is on the verge of an environmental breakdown, and climate change is not helping. The country's fragile environment and the increasing scarcity of natural resources — particularly water — are a result of poor environmental management, as well as several political and historical factors. However, as climate change impacts add to the existing pressures, the environmental collapse turns into a security issue.

Climate Change
Land & Food
Global Issues
Robert McSweeney, Carbon Brief

The severity of desertification and its mutual relationship with climate change cannot be overstated. In light of the recent launch of the Special Report on Climate Change and Land by the Intergovernmental Panel on Climate Change (IPCC), Robert McSweeney from Carbon Brief explains what desertification is, what role climate change plays, and what impact it has across the world.