ADB, WB propose $2.67-b fund to retire, convert coal power plants

of coal-fired power plants, mitigate the impact of the transition to the people and enable financing of clean alternatives.

The report states that coal accounted for 44 percent of the total installed generation capacity and 60 percent of the total generation in 2022, which resulted in an increase in the Philippines’ carbon dioxide emissions. Coal also accounted for 55.4 percent of the country’s total emissions by fuel type last year.

This is faster than the business-as-usual scenario, of which 2.71 percent would be unconditional and 72.29 percent conditional. ADB proposed to utilize financing facility of $95 million in concession debt from CIF-ACT, $1 million grant from CIF-ACT, $95 million debt from ADB and $285 million funding from commercial co-financiers to facilitate the energy transition of the Mindanao coal plant, the only remaining government-owned coal asset.

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