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

Cities
Climate Change
Sustainable Transformation
Technology & Innovation
Global Issues
Asia
Kongjiang Yu, Urbanet

With cities continuously more threatened by climate change-induced disasters, urban planning’s reflex response is to protect cities against nature. But what if the solution lies in working with nature instead against it? Architect Kongjiang Yu invites readers to imagine what cities could look like if they took into account ancient wisdom on spatial planning.

Conflict Transformation
Security
South America
Central America & Caribbean
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During the past two weeks, Antigua & Barbuda, Nicaragua and Panama ratified the Escazú Agreement, giving a major boost to the unprecedented and innovative Latin American pact that seeks to reduce social conflicts and protect frontline communities in the world’s deadliest region for environmental defenders.

Climate Change
Climate Diplomacy
Global Issues
Leila Mead, IISD/SDG Knowledge Hub

UN Secretary-General António Guterres outlined priorities for the 26th session of the Conference of the Parties to the UNFCCC (COP 26) during a briefing at UN Headquarters. The briefing was hosted by the UK, which will be assuming the COP 26 presidency in partnership with Italy. COP 26 is scheduled to convene from 9-20 November 2020, in Glasgow, UK.

Dennis Tänzler, adelphi

Several climate security studies have assessed the risks of climate change to security and examined potential foreign policy responses, but the connection between climate change and foreign policy remains underexplored. The new Climate Diplomacy Report of the German Foreign Office takes up the challenge.