ADB’s $17 billion investment endangers Bangladesh

The Asian Development Bank (ADB) has invested $17.34 billion in over 100 power and energy projects in Bangladesh, most of which are based on fossil fuels, according to the NGO Forum on ADB.

The organization expressed concern that ADB’s investment strategy is too one-sided and said it is increasing risks in the country’s energy sector.

At a press conference titled 'Uncovering ADB’s Investment Risks in Bangladesh’s Energy Sector', held on Tuesday (April 22) in Banglamotor of Dhaka, the NGO Forum strongly criticized ADB’s long-standing investment model. They urged ADB to shift its focus from fossil fuels to renewable energy.

Three key demands were presented at the event, Stop all financing for fossil fuel projects and support a just energy transition, Ensure real protections, including Free, Prior, and Informed Consent (FPIC), and uphold human rights, Reject false climate solutions like carbon markets, greenwashing, and corporate-driven climate agendas.

The press conference was jointly organized by the Coastal Livelihood and Environmental Action Network (CLEAN) and the NGO Forum on ADB, ahead of ADB’s 58th Annual General Meeting.

Speakers included Rayyan Hassan, Executive Director of the NGO Forum on ADB, and Hasan Mehedi, CEO of CLEAN.