COP28: Rockefeller Foundation, ACEN, MAS to Explore Phasing Out Coal Plant

Source: www.gulfoilandgas.com 12/4/2023, Location: Asia

- The Coal to Clean Credit Initiative (CCCI), a consortium of global experts, receives high-level endorsement from Philippines' ACEN to begin exploring the world's first coal-to-clean pilot project in the Philippines, supported by the Monetary Authority of Singapore
- CCCI is already actively engaging with sovereign buyers of credits under the Paris Agreement, with support from the COP28 Presidency
- Meanwhile CCCI submits "transition credits" draft methodology for review ahead of its public consultation, launching Monday December 4 2023, following five public stakeholder consultations
- The draft methodology will enable funding from carbon markets to accelerate a just coal-to-clean energy transition in emerging economies, operationalizing the Paris Agreement

The Coal to Clean Credit Initiative (CCCI), which has support from The Rockefeller Foundation, announced a new collaboration with ACEN Corporation to explore a pilot project in the Philippines that would leverage carbon finance to phase out a coal-fired power plant and replace it with renewable energy, while supporting livelihoods of vulnerable people. This first-of-its-kind project will seek to inform plans for the CCCI to help phase out coal plants around the globe in line with the Paris Agreement. CCCI and ACEN are working with the Monetary Authority of Singapore (MAS) to advance the potential project.

The Coal to Clean Credit Initiative (CCCI), which has support from The Rockefeller Foundation, announced a new collaboration with ACEN Corporation to explore a pilot project in the Philippines that would leverage carbon finance to phase out a coal-fired power plant and replace it with renewable energy, while supporting livelihoods of vulnerable people. This first-of-its-kind project will seek to inform plans for the CCCI to help phase out coal plants around the globe in line with the Paris Agreement. CCCI and ACEN are working with the Monetary Authority of Singapore (MAS) to advance the potential project.

Supportive Statements

- "The CCCI's exploratory work to phase out coal-fired power plants and replace them with renewable energy is to be commended. If successful, this work will play an important role in keeping 1.5C within reach. The use of this innovative market-based mechanism also provides a potential new pathway to support emerging and developing nations to transition to a more secure and efficient energy future." His Excellency Dr. Sultan Ahmed Al Jaber, COP28 President
- "PLN is fully committed to accelerating the energy transition towards greener energy to ensure a better future for the next generations. PLN has put great effort to decarbonize by cancelling 13.3 GW of planned CFPP, terminating power purchase agreement of 1.3 GW CFPP and halting new development of CFPP. One of our main focuses has been coal phase down, this extraordinary initiative requires international support, one of the concrete examples is through collaboration with CCCI. We are in full support to CCCI, and willing to utilize the carbon methodology and develop the carbon project once it is ready", says Darmawan Prasodjo, PLN CEO
- "Monetizing emission reductions from phasing out coal-fired power plants and replacing them with clean power is likely to be instrumental in supporting the financial viability of coal transition mechanisms in emerging markets," said Barbara Buchner, Global Managing Director of Climate Policy Initiative. "However, such carbon credits must reflect real and verifiable emissions reductions, and need to support a just transition for affected workers and communities. CPI is pleased to be supporting this work to ensure that it has high integrity and prompts an equitable transition."
- "Transitioning Asia out of its dependence on coal fired power urgently requires a diverse set of solutions carefully designed for the realities of the region but deployed to achieve high-integrity results that deliver real-world emissions reductions. As a strong advocate of 'learning-by-doing', Climate Smart Ventures is ready to support this pioneering initiative among our partners CCCI, MAS and ACEN to identify and model suitable use cases where transition credits can be right-sized to incentivize Asia's power portfolio owners to raise and execute their coal to clean ambitions in the shortest time possible," says Lawrence Ang, Managing Partner of Climate Smart Ventures


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