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AfDB to end financing for fossil fuel energy

The African Development Bank Group will no longer support "19th century technologies" like coal and oil and will help create the world's largest "solar zone."

South Africa's coal-fired Rooiwal Power Station, built between 1962 and 1970
South Africa's coal-fired Rooiwal Power Station, built between 1962 and 1970 (AN/Emmanuel Keller)

UNITED NATIONS (AN) — The African Development Bank Group announced on Monday that due to climate concerns it will no longer support "19th century technologies like coal and heavy fuel oil" and will instead help create the world's largest "solar zone" in the Sahel region.

Speaking at the U.N. Climate Action Summit in New York, AfDB's President Akinwumi Adesina told world leaders the bank supports carbon neutrality for all by 2050. The bank's mission is to reduce poverty through sustainable economic development and social progress among member nations.

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