Good news: African Development Bank decides not to fund Kenya coal project

The Abidjan-based lender published an environmental and social impact assessment in May for the Lamu project, which was planned near a UNESCO World Heritage Site but which was halted by a local environmental tribunal.

The project to build a 1,050 megawatt plant in eastern Kenya was backed by Kenyan and Chinese investors. Construction was originally planned to start in 2015.

Dozens of top banks, insurers and development finance institutions are restricting coal investments, as climate activists and investors voice growing concerns about the impact of burning fossil fuels, particularly coal.

Read more: Reuters

 


 

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