African Development Bank drives $500m nail into coal’s coffin
African Development Bank gets out of fossil fuel investment as the world moves towards renewable energy sources
The African Development Bank has launched a $500m initiative to assist African nations to shutter coal-fired power plants in favour of renewable energy.
Speaking at the UN climate action summit, the bank’s president Akinwumi Adesina told delegates the bank’s $500m "green baseload scheme" will help African countries transition from coal and fossil fuel to renewable energy. It will be rolled out in 2020 and is expected to yield $5bn of investment.