MELBOURNE, Aug 3 ― Financial firms including British insurer Prudential, lenders Citi and HSBC and BlackRock Real Assets are devising plans to speed the closure of Asia’s coal-fired power plants in order to lower the biggest source of carbon emissions, five people with knowledge of the initiative said.
The initiative comes as commercial and development banks, under pressure from large investors, pull back from financing new power plants in order to meet climate targets. The proposed mechanism entails raising low cost, blended finance which would be used for a carbon reduction facility, while a separate facility would fund renewable incentives.Finding a way for developing nations in Asia, which has the world’s newest fleet of coal plants and more under construction, to make the most of the billions already spent and switch to renewables has proved a major challenge.
In this case, development banks would take the biggest risk by agreeing to take first loss as holders of junior debt as well as accepting a lower return, according to the proposal. Details still to be finalised include ways to encourage coal plant owners to sell, what to do with the plants once they are retired, any rehabilitation requirements, and what role if any carbon credits may play.
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