“Coal is the past, renewable energy is the future,” Adesina told the audience. “For us at the African Development Bank, we are getting out of coal.”
The last coal investment the bank made, which was in 2015, was a supplementary loan of about $4 million for a small, 125 megawatt coal-fired power plant in Senegal that it originally financed in 2009, according to Oil Change International, a U.S.-based advocacy organization.
Adesina’s commitment puts the AfDB in the footsteps of other multilateral development banks that have severed support for coal projects. The World Bank Group, the European Bank for Reconstruction and Development, and the European Investment Bank now all have explicit policies that exclude coal from their portfolios, according to Oil Change International. Senior personnel at the Asian Development Bank and Asia Infrastructure Investment Bank have also made statements indicating they do not intend to finance further coal projects.