The Asian Development Bank will no longer finance coal mining or oil and natural gas activities, it announced in a draft policy statement on Friday, a move welcomed by environmental groups, which said it was a decade overdue. The multilateral development bank, which focuses on eradicating poverty in Asia, provided no timeline for its commitment. It also laid out conditions under which fossil fuel projects would continue to receive funding, such as where no other cost-effective technology was available. Yongping Zhai, head of the ADB’s energy sector, said the draft would be deliberated by its board of directors in ... (full story)