Carbon financing could retire dozens of coal plants in S-E Asia by 2030: Rockefeller Foundation

SINGAPORE - Dozens of coal-fired power plants, many of them in South-east Asia, could be retired early by 2030 by using a carbon financing initiative, a sustainability conference heard on April 17.

The goal of CCCI is to retire 60 coal plants globally by 2030, and transition credit financing is a key lever for achieving that, said Ms Elizabeth Yee, the Rockefeller Foundation’s executive vice president of programmes. “Coal is the single largest contributor to global emissions, and it accounts for 20 per cent of global emissions and 70 per cent of power emissions. And it is the leading cause of premature death in the world – worldwide 800,000 people perish early,” said Ms Yee.are the main source of electricity and a major source of air pollution and carbon emissions driving climate change. Many of the plants are young, with an average age of less than 15 years.

On the sidelines of the COP28 climate talks, the MAS announced it was collaborating with listed energy platform of the Ayala Group, ACEN Corporation of the Philippines, and the Rockefeller Foundation for a first pilot of the CCCI initiative. The CCCI is mainly a de-risking tool to provide an additional revenue stream and make a phase-out deal more appealing to other investors, the foundation said.

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