A group of non-governmental organizations called on the Asian Development Bank (ADB) on Monday to end loans to the fossil-fuels sector, as the international lender holds its annual meeting this week with a focus on a green economic recovery.
The ADB, which finances initiatives aimed at boosting economic prospects for Asia's poorest, is also reviewing its lending policies, which its own management has said are not fit for a climate-changed world.
Governments this year have stepped up climate action as U.S. President Joe Biden seeks to reverse measures by the Trump administration. ADB's biggest shareholders, Japan and the United States, recently upped their emissions cuts targets.