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World Bank president Jim Yong Kim speaks at the International Monetary Fund and World Bank annual meeting in Bali, Indonesia on Oct. 11. Goh Chai Hin / AFP / Getty Images

Correction: A previous version of this article ran the headline The World Banks Quits Coal. The article has been updated for accuracy to emphasize that the shift to renewables was driven by cost.

The World Bank has withdrawn its support for a planned 500-megawatt coal plant in Kosovo because it cannot compete with renewable energy on price, president Jim Yong Kim said Wednesday.

The power plant was the last coal project being considered for financing by the World Bank.

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