Smoke billows from Belchatow power station in Poland. Photograph: Peter Andrews/Reuters
The British insurer Prudential is working with the Asian Development Bank on a scheme to buy out coal-fired power plants in Asia in order to shut them down within 15 years.
Its backers say the plan is designed to limit use of the polluting fossil fuel while allowing workers time to find new jobs and incentivising countries to invest in clean energy alternatives.
The Guardian understands there have been “promising” early talks with Asian governments and multilateral banks about the programme, known as the “energy transition mechanism” (ETM), which could also include the banking groups HSBC, Citi and BlackRock Real Assets.
Don Kanak, the chair of Prudential Insurance Growth Markets, said that a “well funded mechanism like ETM” could help developing countries “make big progress on climate goals in the next 10-15 years, not deferring the heavy lifting until mid-century”.
“The world cannot possibly hit the Paris climate targets unless we accelerate the retirement and replacement of existing coal-fired electricity, opening up much larger room in the near term for renewables and storage,” Kanak said - link - Jillian Ambrose - link
Its backers say the plan is designed to limit use of the polluting fossil fuel while allowing workers time to find new jobs and incentivising countries to invest in clean energy alternatives.
The Guardian understands there have been “promising” early talks with Asian governments and multilateral banks about the programme, known as the “energy transition mechanism” (ETM), which could also include the banking groups HSBC, Citi and BlackRock Real Assets.
Don Kanak, the chair of Prudential Insurance Growth Markets, said that a “well funded mechanism like ETM” could help developing countries “make big progress on climate goals in the next 10-15 years, not deferring the heavy lifting until mid-century”.
“The world cannot possibly hit the Paris climate targets unless we accelerate the retirement and replacement of existing coal-fired electricity, opening up much larger room in the near term for renewables and storage,” Kanak said - link - Jillian Ambrose - link
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