Reuters
Published at
May 8, 2025 at 12:00 AM
New carbon credit scheme targets 60 plants by 2030 for coal phaseout
SINGAPORE, May 7 (Reuters) - The Rockefeller Foundation aims to sign up 60 projects by 2030 to a new carbon finance scheme for phasing out coal-fired power in developing countries, it said on Wednesday, after its rulebook was given the go-ahead.
Around 2,000 coal-fired power plants need to be decommissioned from now until 2040 in order to meet global climate targets, the International Energy Agency says, but only 15% are covered by decommissioning pledges.
The Rockefeller Foundation's Coal to Clean Credits Initiative (CCCI) is one of several schemes, under development that aim to use carbon finance to help close them earlier than scheduled and replace them with renewable power.
"That target of 60 projects by 2030 is our overall goal, our ambition," said Joseph Curtin, who runs the Rockefeller Foundation's "coal to clean" programme.
In Singapore on Tuesday, carbon standards organisation Verra launched CCCI's methodology for determining which projects are eligible and how emission reductions from early coal plant shutdowns will be calculated, allowing them to generate carbon credits.
The first project to use the methodology will be the South Luzon Thermal Energy Corporation (SLTEC) plant in the Philippines, with the transaction expected to be completed next year.
"Obviously if we can close one transaction - and we're getting much closer - we think that will have a very strong impact on the market and will hopefully reverberate across the region and send a signal that this is indeed possible."
Curtin said his team has identified around 1,000 coal-fired plants in developing countries that would be eligible under the methodology.
The 60 project target could attract $110 billion in public and private investment by 2030, he said, citing research commissioned by the foundation.
The early retirement of SLTEC is backed by Philippine energy firm ACEN (ACEN.PS), opens new tab together with Singapore clean investment group GenZero, the infrastructure conglomerate Keppel (KPLM.SI), Japan's Mitsubishi (8058.T), opens new tab and its subsidiary Diamond Generating Asia.
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