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NEW YORK: A group of investors in the US conglomerate General Electric (GE) has publicly opposed its plans to buy a stake in a Kenyan coal-fired plant, claiming the project would damage the environment and undermine efforts to fight global warming.
In a public letter to GE, 20 percent stake in a planned 1,000-megawatt coal plant on Kenya's Lamu island.
The United States World Heritage site.
The project has moved communities around the world. The region, a tourist destination that is one of the best-preserved Swahili settlements.
It was unclear how much GE stock the letter's signatories hold. The information was not included in the missive, and their spokesperson said she did not
Among those signing the letter to the Local Authority Pension Fund Forum, an badociation of more than 70 United Kingdom-based public sector pensions with $ 300 billion in badets under management.
"We are alarmed by apparent risks involved with the construction of the plant and operations," said the letter, delivered to GE on Wednesday.
"The plant will negatively impact human health as coal
The plans also include "toxic pollution", "it said.
The plans also are" at odds "with GE's stated support for the 2015 Paris agreement to fight climate change, it said. 19659002] "Bringing on Plants That Widely Incorporate Technology for the Purpose of the World" (19659002) Kenya promised to cut carbon emissions 30 percent by 2030 a part of the agreement in Paris, where nearly 200 countries agreed to global warming.
Jonathan Karpoff, professor of finance at the Foster Schoo
"It's unlikely to have a significant impact on the firm's decision or value," he told the Thomson Reuters Foundation. "If it does not make the decision, it was a coin-flip of an investment to begin with."
A signed agreement to deliver the $ 2 billion project.
With the deal, GE, through its affiliates, also won a stake in Amu. (Reporting by Sebastien Malo @sebastienmalo, Editing by Ellen Wulfhorst
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