COP26: ADB plan to phase out coal plants is ‘blah, blah, blah’, warn climate change activists as Greenpeace, Friends of the Earth write open letter

Nov 2, 2021 | INVESTING

More than 60 civil society organisations (CSOs) have written an open letter citing pressing concerns about an Asian Development Bank initiative, to be detailed at the COP26 summit on Wednesday, to phase out coal plants.On paper, the proposal seems straightforward: the ADB and financial partners including Prudential, Citi and BlackRock Real Assets plan to buy coal power plants across Asia and retire them within 15 years, sooner than their usual shelf life. At the same time, they would fund…

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