Mongla, Apr 29 (V7N) - Speakers at a protest campaign organized by Mongla Nagorik Samaj (Mongla Civil Society) have strongly criticized the Asian Development Bank (ADB)'s continued investment in fossil fuel projects, arguing that it exacerbates the climate crisis, particularly for climate-vulnerable countries like Bangladesh. The protest took place at Narikeltala, Mongla, on Tuesday (April 29th) at 11 am, on the eve of the ADB's annual meeting.

The speakers asserted that the ADB's reliance on fossil fuels instead of prioritizing investments in renewable energy and environmentally friendly initiatives is severely detrimental to Bangladesh's economy, environment, and society. They urged the ADB to immediately shift its focus and significantly increase investments in renewable energy while phasing out support for fossil fuel energy projects.

Md. Nur Alam Sheikh, Convener of Mongla Civil Society, presided over the meeting and delivered the keynote address.

Other speakers at the protest included citizen leader and environmentalist Md. Hasib Sardar, women leaders Chobi Hazra and Irene Biswas, youth leaders Mehedi Hasan, Rosy Biswas, and Biva Biswas, as well as citizen leaders Asim Biswas and Sanjit Biswas.

In his address, Md. Nur Alam Sheikh highlighted that the ADB has invested a total of $4.88 billion in Bangladesh's power sector. Alarmingly, 82.9% of this investment has been allocated to fossil fuel projects, with a mere 2.55% directed towards solar power, and no investment in wind power. He further pointed out the disparity in investment costs, with solar power requiring $0.51 million per megawatt compared to $2.04 million per megawatt for fossil fuel-based projects.

Civic leader Hasib Sardar raised concerns about an additional $104.11 million invested by the ADB to upgrade the 150 MW gas turbine power plant in Khulna to a 225 MW combined cycle project, despite the government having already spent Tk 1,824 crore on this project over the past 11 years. He also highlighted the precarious situation of the nearly completed 800 MW LNG-based power plant in Rupsha, where gas supply is uncertain, potentially turning it into a stranded asset requiring the government to pay thousands of crores in capacity charges.

The protest was held on the eve of the ADB's 58th annual meeting scheduled to take place in Milan, Italy, from May 4th to 6th, underscoring that concerns about ADB's investment policies are not limited to Mongla but are echoed in various cities across South Asia, including Bangladesh.

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