As a key milestone to COP 26 and avowed supporter of common action for climate, biodiversity and the UN Sustainable Development Goals, the #FinanceinCommonSummit2021 must ensure that public development banks and the governments that control them must commit to take bold, rapid and concrete steps in the right direction to address the multiple crises that the world, especially the Global South, continue to face. We reiterate our calls to
• End public financing of fossil fuels now!
• Stop public financing of industrialized agricultural systems!
• Cancel unsustainable and illegitimate debts of developing countries!
The World Bank Group must once and for all end its support for all fossil fuels. This is our urgent demand as the World Bank finalizes a new five-year climate action plan. We are people’s organizations and movements from Asia working in communities impacted by coal, gas and oil projects funded directly and indirectly by the World Bank Group. These projects have decimated rainforests, destroyed biodiversity, displaced people, locked many countries in the South into dependency on the fossil fuel industry, and contributed heavily to the escalation of the climate crisis.
We are alarmed over this news of Meralco’s new power supply agreement. This means we will be locked into additional coal and gas power for the next 20 years. Coal and fossil fuels are major causes of greenhouse gas emissions. Their far-ranging environmental and health effects are bad for people, communities, and the climate.
In less than three decades, the Jakarta-based firm Adaro Energy has grown into one of the largest producers of thermal coal in the country and in the region. By end-2017, it posted a 45% spike in net profits to reach more than $480 million, surpassing net profits registered by Indonesia's largest coal producer. The following year, it reported revenues amounting to $3.6 billion, and together with a private equity firm, also acquired coal assets of the Australian mining giant Rio Tinto for $2.25 billion.2 It has since acquired 80% of Rio Tinto’s interest in the Kestrel mine in Central Queensland, Australia.
Adaro Energy currently and its subsidiaries currently cover a whole range of coal mining activities that include exploration, drilling, transport and maintenance.