Development banks in Asia are key change agents in transition to climate-safe global economy, having committed to align their operations with the Paris Agreement on climate change.
New E3G Banking on Asia report examines how top six development finance institutions in Asia-Pacific are performing against their climate change commitments.
Today E3G’s Banking on Asia report launched, analysing the progress of six development banks active in the Asia-Pacific region: the Asian Development Bank, Asian Infrastructure Investment Bank, China Development Bank, Japan International Cooperation Agency, Korea Development Bank and the World Bank Group. While Asia has huge untapped zero carbon energy and emissions reduction potential, the report reveals the six institutions covered are estimated to have invested USD 65 billion in total over 2016 and 2017 in ‘brown’ energy finance.
Coming at the same time as the International Energy Agency releases their Southeast Asia Energy Outlook and shortly after this month’s World Bank Annual Meetings, the E3G report finds multilateral and bilateral development banks are in a unique position to drive the global climate transition forward. Alignment of their operations with the Paris Agreement is a necessary step. The new report reveals that while some banks are making progress, others appear to have only just begun their process of Paris Agreement alignment.
Kate Levick, Programme Leader, Sustainable Finance, E3G said:
“Economic development in Asia will make or break the world’s response to climate change. As institutions responsible for the use of billions of dollars of public funds, development banks in the region must use their money for the public good.”
“To ensure global climate safety, all of the development banks working in Asia must accelerate their efforts to align their operations with the Paris Agreement. E3G’s new report sets out where the banks have made progress so far, and where they need to do more.”
Read the full report here: http://bit.ly/E3GAsia