As the 2020 Asian Infrastructure Investment Bank's Annual Meeting is held today, a group of peoples' movements across Asia called on the Beijing-based multilateral financial institution to end its financing of fossil fuel projects and help build economic resilience as countries grapple with recovery plans in response to the coronavirus pandemic.
Japanese government hit for refusing to heed Asian people's call to stop its support for coal overseas
As the G20 Finance Ministers prepare to hold a meeting on July 18, one of the G20 countries has drawn criticism once again for continuing to use massive amounts of public funds to support projects harmful to people and the planet.
"We are alarmed and disappointed that while South Korea professes to shift away from coal under its new climate change policy, its own state-controlled electric utility will proceed with the development of the Jawa 9&10 coal project."
During a series of meetings by Japanese and Korean companies involved in coal energy, anti-coal protesters across Asia and Australia held protest actions to call on top financiers from Japan and Korea to adopt a total coal exit policy.
With the world reeling from the impacts of the Covid-19 pandemic, it has become increasingly clear that the assumption that the crisis can be dealt with using the usual set of orthodox tools is exceedingly flawed. Recognizing the extraordinary nature of the global crisis, even the World Bank and the International Monetary Fund (IMF) who recently announced that they would cancel $215M debts owed to them by 25 countries that were facing a "moderate or high risk of debt distress" – for countries with a GDP per person that is below $1,145 a year.