IF the region will meet the targets set under the Paris Climate accord, countries should avoid gas, which is considered to be a “false solution,” according to civil society organizations.
“Gas is a false solution to meet the energy needs of ADB developing member countries. It is not a transition fuel, and investing in it will hinder, rather than hasten the shift to reliance on non-resource-intensive, sustainable renewable energy. CCUS technologies, large-scale dams, and waste-to-energy incineration are also false solutions to the climate crisis,” PMCJ National Coordinator Ian Rivera said.
The Manila-based multilateral development bank has also spent over $4.7 billion on gas since the adoption of the Paris Agreement. Its gas finance accounts for over 96 percent of its fossil fuel financing from 2016 to 2020. The latest report of the Intergovernmental Panel on Climate Change shows the need to stop carbon dioxide emissions globally by 2050 to keep global average temperature rise below 1.5°C and avoid a “catastrophic” climate change.
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