ASIAN INFRASTRUCTURE
China-backed AIIB’s coal policy riles green groups
Environmentalists say the Asian Infrastructure Investment Bank’s new energy industry strategy leaves the door open for coal sector investment
Jeju, South Korea — Leaders of the China-backed Asian Infrastructure Investment Bank touted its growing membership and commitment to sustainable development at its annual meeting, even as environmental groups were disappointed by its openness to investing in coal projects. The bank, which has 80 member countries, was set up to help meet the estimated $26-trillion need for infrastructure spending in Asia to the end of 2030, while also demonstrating that a China-led institution can meet international standards for best practice. The US and Japan, members of the Manila-based Asian Development Bank, have not joined the China-led bank. The Asian Infrastructure Investment Bank has pledged to use its investments to help members fulfil their commitments to the Paris climate accord, from which the US is withdrawing. "We will not consider proposals if we are concerned about the environmental and reputational impact," the bank’s president, Jin Liqun, said on Friday at the opening ceremony. But...
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