MUTUNGA & ELMAWI - Kitui Coal Mining Project Is a Disaster in the Making
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THE STANDARD
FINANCIAL STANDARD
Nuclear Power Plant. [Courtesy]
As the push for cleaner energy intensifies, more and more companies around the globe are distancing themselves from funding unclean energy sources, such as coal-fired power plants.
The move comes at a time when coal, responsible for immense atmospheric pollution, is increasingly becoming unpopular even among Western countries, some of which industrialised using the energy source.
“We will no longer finance new coal-fired power plants except where there is an existing commitment anywhere in the world,” announced Standard Chartered Bank in September 2018.
“We have taken the decision after detailed consultation with a range of stakeholders. This announcement is part of our updated position statement on power generation. Here for good means saying no to coal.”