The African Development Bank will no longer finance coal projects. The bank is committed to end financial support for coal. “Coal is the past, renewable energy is the future,” bank president Akinwumi Adesina announced. “For us at the African Development Bank, we are getting out of coal.”
According to a report by Devex.com, AfDB’s Adesina said that what the bank “should be focusing on is a lot of clean energy, renewable energy.”
The last coal investment the bank made was in 2015 – a loan of about $4 million for a small, coal-fired power plant in Senegal. By getting out of coal, the AfDB is following the lead of other multilateral development banks that have severed support for coal projects, such a the World Bank Group, the European Bank for Reconstruction and Development, and the European Investment Bank.
The European Investment Bank has a draft policy currently being considered that would end all of their fossil fuel financing beyond 2020.
Further reading on devex.com