The African Development Bank (AfDB) has pulled its funding from a coal-powered project in Kenya as part of a larger movement to veer away from investments in the fossil fuel source, AfDB told Reuters.
The Lamu Coal project consists of a 1,050-megawatt plant in the eastern part of the country; construction commenced in 2015.
Reuters reports AfDB president Akinwumi Adesina told the U.N. that it was looking to “get out of coal” in September but did not specify a timeframe. Adesina reportedly told the media outlet that coal was at risk of becoming a “stranded asset” on the bank’s balance sheet as it turns toward increasing its renewable energy investments.
The bank has shown its commitment to combating climate change through initiatives like its Strategy of Climate Risk Management and Adaptation
