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An official at the Asian Development Bank said fast, creative solutions are needed to transition away from coal as he responded to criticisms from non-governmental organizations.

The problem of coal-fired power is likely “one of the biggest problems on earth" as the fuel is a “powerful incumbent", Ahmed Saeed, a vice president at the Manila-based institution said in a television interview at the Bloomberg New Economy Forum in Singapore. 

A proposal by the development bank to buy and phase out coal-fired power plants in Asia is “shrouded in uncertainty," according to environmental groups.

The New Economy Forum is being organized by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News.

 

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