The Islamic Development Bank is the only MDB still financing new coal
ADB will no longer finance coal power
The Asian Development Bank (ADB) will no longer finance new coal projects under a draft policy out for consultation. The financing of coal projects by multilateral development banks (MDBs)—sometimes justified by the fact that the new coal plants are more efficient than those being replaced—has come under increased scrutiny since the Paris Agreement. As a result, the ADB has not invested in new coal-fired capacity since that date but it has not until now adjusted its official policy. The policy will have to be agreed by board members before it becomes official. “We must invest more in climate adaptation” Asakawa, ADB Last year, an independent review recommended that the bank revisit i
Also in this section
17 September 2024
North Sea storage facility verified as safe to proceed after successful pilot phase
9 September 2024
Addition of CCS was a factor in court’s decision to overturn FERC’s authorisation for NextDecade’s Rio Grande LNG project
2 September 2024
Recently finalised investment tax credits have brought much-needed clarity for Canadian CCS developers, but carbon price uncertainty remains a concern
29 August 2024
Use of captured carbon to make synthetic fuels merits more attention from investors and policymakers
