Partners in gas

The briefing argues that the ADB's financial intermediary (FI) lending, specifically its $95 million equity investment in Clifford Capital, creates a transparency loophole that allows continued support for fossil gas projects. It highlights that while the ADB claims to 'ring-fence' its funds, Clifford Capital continues to finance oil and gas projects globally and in Asia. The document provides case studies of the Tangguh LNG project in Indonesia and the Bhola-2 gas power plant in Bangladesh to illustrate the environmental and social harms resulting from such investments, including mangrove destruction and forced land acquisition. It concludes that the ADB's reliance on outdated 2009 policies for these investments avoids the stricter requirements of the 2025 Environmental and Social Framework.

• The ADB's financial intermediary (FI) lending has increased significantly, growing from approximately $542.5 million in 2016 to around $2.1 billion in 2025, yet remains opaque regarding subproject disclosure.
• The ADB invested up to $95 million in equity in Clifford Capital in July 2020, a Singapore-based platform that continues to fund fossil fuel projects through loans, securitisation, and underwriting.
• Analysis of Clifford Capital's infrastructure securitisation portfolio (Bayfront Infrastructure Capital II-VII) shows significant fossil fuel exposure, with fossil gas and oil projects comprising between 34% and 63.9% of the portfolio.
• The ADB claims to 'ring-fence' its investment in Clifford Capital to only support projects it has already directly financed, specifically naming the Myingyan Natural Gas Power Project in Myanmar, the Tangguh LNG Expansion Project in West Papua, and the Riau Natural Gas Power Project in Indonesia.
• The Tangguh LNG project in West Papua, supported by the ADB and Clifford Capital, has caused significant environmental damage to Bintuni Bay's mangrove forests and infringed upon the rights of Indigenous communities.
• The Bhola-2 gas power plant in Bangladesh, supported by Clifford Capital and the ADB, is linked to reports of coercion and fraud during land acquisition, as well as environmental degradation that has disproportionately affected women.
• The ADB's support for fossil gas in Indonesia and Bangladesh far exceeds its support for renewables between 2017 and 2025: $1.7 billion for gas vs $735.38 million for renewables in Indonesia, and $802.20 million for gas vs $132.48 million for renewables in Bangladesh.

APA

Pamintuan, M. (2026). Partners in gas. Trend Asia. https://trendasia.org/wp-content/uploads/2026/04/Partners-in-gas_ADB-Clifford-Capital.pdf

Chicago

Pamintuan, Marjorie. Partners in gas. Trend Asia, 2026. https://trendasia.org/wp-content/uploads/2026/04/Partners-in-gas_ADB-Clifford-Capital.pdf.

Wikipedia

{{cite report |last1=Pamintuan |first1=Marjorie |title=Partners in gas |publisher=Trend Asia |date=April 2026 |url=https://trendasia.org/wp-content/uploads/2026/04/Partners-in-gas_ADB-Clifford-Capital.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{pamintuan2026partners, author = {Pamintuan, Marjorie}, title = {{Partners in gas}}, institution = {Trend Asia}, year = {2026}, month = apr, url = {https://trendasia.org/wp-content/uploads/2026/04/Partners-in-gas_ADB-Clifford-Capital.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }