May: denouncing asian development bank' s climate hypocrisy
The ADB, which held its 41st annual meeting in Madrid from May 3-6, has been criticized for its 'Long-Term Strategic Framework' by some developing countries as well as NGOs for failing to prioritize sustainable agricultural development and effective measures to mitigate and adapt to climate change.
"Commercially viable and sustainable energy solutions are ready to be deployed in Asia yet the ADB's money is going to monstrous coal projects such as the 4,000-MW Mundra Ultra Mega coal power project of the Indian corporate giant Tata," said Red Constantino, executive director of the bank watchdog 'NGO Forum on the ADB'. "The ADB is just a giant Asian smokestack spewing gigatons of climate nonsense," Constantino said.
Asia's share of global greenhouse gas emissions is anticipated to grow to 42 percent by 2030. Currently, coal produces around 42 percent of Asia's CO2 emissions each year.
The ADB is also gearing up to channel more funds towards the expansion of large-scale monoculture plantations. Globally, monocultures are increasingly used to grow crops for fuels, not food.
In the great Mekong sub-region, the ADB already finances biofuel projects. Large scale biofuels, or agrofuels, are seen as a key factor behind the current global food prices crisis.
"Agrofuels are not part of the solution to climate change, they are part of the problem. They mean more damaging industrial-scale monoculture plantations. Agrofuel production often takes over land used for food production, and agrofuel plantations displace entire peasant and indigenous communities merely to provide people in industrialized countries with fuels which are far from green," said Friends of the Earth International campaigner Longgena Ginting.
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