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