Polluters Getting Paid: An Update on the ADB’s ETM in Kazakhstan

Kazakhstan is the latest pilot project for the Asian Development Bank’s Energy Transition Mechanism (ETM), a scheme designed to accelerate coal plant retirements. But without fundamental changes, the ETM may fuel further climate damage by backing companies that are still investing in coal and fossil gas. Civil society organizations are warning that the mechanism, as currently implemented, contradicts its own purpose and and increases the risk of fossil fuel lock-in.