Public forum urges ADB to halt fossil-fuel financing

KARACHI: A public forum on Tuesday has called on the Asian Development Bank (ADB) to cease funding fossil fuel projects in Pakistan, urging the bank to align its investments with the country’s climate commitments.

The people’s forum, organised by the Pakistan Fisherfolk Forum in collaboration with Indus Consortium and Grow Green Network at Mal Community Hal Ibrahim Hyderi, Karachi was attended by a large number of women fisherfolk, civil society representatives and community leaders.

The public forum highlighted the environmental impact of the Jamshoro Power Company Limited (JPCL) plant, urging the ADB to take responsibility for the damage caused. Participants demanded that the bank develop a framework for the early retirement of the JPCL plant and prioritise investments in renewable energy.

Key speakers included General Secretary of the Pakistan Fisherfolk Forum Saeed Baloch; Senior Vice Chairperson Fatima Majeed, Majeed Motani, President Ayoub Shan, and Talib Kachhi, who discussed the urgent need for reforms in Pakistan’s energy sector.

Speakers highlighted the challenges facing the country’s energy supply, including its heavy reliance on costly imported fuels and inefficiencies in the power system.

In 2023, Pakistan faced an energy shortfall of approximately 6,000MW during peak seasons, leading to prolonged power outages. The country’s generation capacity stands at 45,605MW, yet it remains vulnerable due to transmission and distribution issues.

The public forum also called on the Pakistan government to invest in flood-resilient infrastructure to empower communities and bridge the $19.1 billion funding gap required for the rehabilitation of flood-affected areas.

Participants rejected the further expansion of LNG and fossil fuel dependence, instead advocating for energy independence through solar and wind power investments, especially for marginalised communities without access to the national grid.

Speakers further pointed out that Pakistan’s energy sector remains burdened by circular debt, which grew to over Rs2.6 trillion ($9 billion) in 2023. Without major reforms, investment in infrastructure, and a shift towards renewable energy, the country’s energy security will remain compromised.

The forum ended with a strong call to action for multilateral development banks (MDBs) to address the critical funding gaps and for Pakistan to accelerate its transition towards a sustainable, renewable energy future.