Dozens of coal-fired power plants, many of them in Southeast Asia, could be retired early by 2030 by using a carbon financing initiative, a sustainability conference heard on April 17.
The Rockefeller Foundation-led Coal to Clean Credit Initiative(CCCI) guides power plant owners and their investors to use carbon offsets to fund early plant retirement. These transition credits are nascent but have strong support from Singapore's central bank and other financial institutions.
Transition credits aim to monetise the emissions savings from the early closure of coal plants. Revenue would come from the sale of high-integrity carbon credits to companies or governments, with each credit representing a tonne of emissions avoided by shutting a power plant early.
In many cases, the early closure of each plant is likely to avoid millions of tonnes of emissions.
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.
She was speaking during Ecosperity Week 2024, a sustainability conference convened by Singapore's investment company Temasek, held from April 15 to 17 at Sands Expo and Convention Centre.
Many of the 60 coal plants she mentioned would be in South-east Asia, Dr Joseph Curtin, managing director of the power and climate team at the Rockefeller Foundation, told The Straits Times.
"When you take the whole subset of eligible coal plants, there could be a couple of thousand globally. So we think trying to get 50 or 60 across the line by 2030 is a realistic objective," he said.
This story is from the April 18, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the April 18, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
LAXON WINS, BUT THE EQUINE VERSION
Unlike his famous namesake, Darci Brahma 3YO just tasted his first success in Malaysia
STARS ALIGN FOR RIYADH
Singapore mountain biker takes historic World Cup silver after rivals falter
EMBRACE CHANGE AND FUTURE: KLOPP
In his farewell speech at Anfield, he urges fans to back Slot as he becomes one of them
MAJOR MOMENT EARNED
Schauffele holds his nerve to win in Valhalla and end 2-year title drought
MOMENT OF TRUTH FOR NEW APPROACH
Floorball men can show at world qualifiers results of overhauled training methods
NO GUINEAS, BUT GREATER GOOD FOR GREATHAM BOY
Fitzsimmons vindicated in decision to steer 3YO from G2 feature towards softer option
S'pore firms continue to expand in China, driven by long-term potential
EnterpriseSG has helped businesses grow there through 300 projects over past 2 years
Japan's inexperienced investors fall for scams 'like babies'
As Japan's stock market booms, something else is also on the rise in the nation: investment scams.
CHIJ celebrates 170 years of teaching generations of girls
Second-oldest girls' school holds big bash for staff and students, past and present
Test kits fly off the shelves as Covid-19 cases spike
Pharmacies report surge in demand for kits, masks as S'pore faces new infection wave