Greenpeace urges ADB to stop funding fossil fuel projects

The Asian Development Bank (ADB) can boost the fight against climate change by curbing funds for fossil fuel projects and supporting renewable energy, environmental watchdog Greenpeace International said.

In a report titled “Irrelevance or Leadership,” Greenpeace said if the ADB continued to fund coal-based projects it could fail in its mission to reduce poverty and promote development.

..”Coal consumption in the Asia-Pacific region is increasing massively … it is not surprising that 2005 registered one of the largest temperature increases on record according to data from National Oceanic and Atmospheric Administration,” Greenpeace said.

Carbon dioxide levels in the atmosphere stood at their highest “in 650,000 years” and rapidly growing nations such as China and India need to bring down their emissions soon, said the report released during the ABD annual meeting in this southern Indian city this week.

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