With the Asian Infrastructure Investment Bank (AIIB) set to review its Energy Sector Strategy, a letter coordinated by the NGO Forum on ADB on behalf of more than 40 civil society groups asked for more information about the process and called for meaningful consultations.
NGO Forum on AIIB, | 21 February 2022
The AIIB’s Energy Sector Strategy is far from being green. In the past the bank has approved several projects that have caused serious impacts on communities and caused concern for allied civil society groups. Currently the bank is considering financinf for the Nenskra Hydropower Project in Georgia, the Tamakoshi V Hydroelectric Project in Nepal and the Southern Chattogram and Kaliakoir Transmission Infrastructure Development Project in Bangladesh. All these projects can cause serious social, environmental, climate and human rights risks.
For these reasons, a number of civil society groups have urged the AIIB to stop these investments, together with those in fossil fuels by aligning its portfolio with the Paris Agreement. The groups also argue for support to ‘scientifically-sound’ renewable energy. Across its portfolio, the bank should uphold its commitment to transparency and ensure the sustainability of its energy investments for nature, people and climate.
Read the full letter here.
Never miss an update
We expose the risks of international public finance and bring critical updates from the ground – straight to your inbox.
Institution: AIIB
Tags: AIIB
