- Fresh from a successful run at COP28, ACEN bolsters its commitment to renewable energy by joining the prestigious PPCA
- The induction underscores the transformative power of coal to renewable energy transition for a sustainable and inclusive economic and societal landscape
- ACEN’s pioneering Energy Transition Mechanism, the world’s first market-based model, lauded as a benchmark in sustainable energy transition
13 December 2023 – ACEN, the listed energy platform of the Ayala group, announced its membership with the Powering Past Coal Alliance (PPCA), the first and only global coalition of national, sub-national governments, and private businesses striving to transition from unabated coal power generation to cleaner, renewable energy sources.
The announcement came during the COP28 summit held in Dubai, where ACEN president and CEO Eric Francia was invited to put the spotlight on the company’s pioneering Energy Transition Mechanism (ETM), outlining the lessons learned in the early retirement of the 245 MW SLTEC coal plant and its transition to cleaner technology.
“It is an opportune time for ACEN to join PPCA. As ACEN continues to lead pioneering initiatives such as the world’s first market-based Energy Transition Mechanism and the recently announced Transition Credit pilot, there is much benefit to connecting with the PPCA network to further these innovative transition initiatives,” said Eric.
In 2022, ACEN successfully implemented the world’s first market-based Energy Transition Mechanism, leading to the divestment of the coal plant in the Philippines. The bold move sets the stage for a transition to cleaner technology by 2040, a testament to ACEN’s commitment to renewable energy.
The ETM strategy, now being recognized as a blueprint for transitioning from coal to cleaner energy, perfectly aligns with the PPCA’s global call for a halt on new coal-fired power plants and a pivot towards clean energy investments.
Since its inception by the UK and Canadian governments at COP23 in 2017, the PPCA has expanded its reach and influence. It currently comprises over 165 members pivotal in driving global coal phase-out efforts, spanning from North and South America to Europe and Asia-Pacific. The alliance’s members include national governments, sub-national governments, and over 70 private sector entities, including financial institutions, utilities, and energy consumers. These members, along with an extensive network of partners such as civil society, think tanks, and trade unions, work collectively to overcome key economic, social, and technical barriers to energy transition.
ACEN’s induction into the PPCA underscores the company’s unwavering commitment to a healthier, cleaner planet, marking a significant stride in the global movement towards a sustainable future. This landmark membership aligns with ACEN’s ambitious targets to reach 20GW of renewables by 2030, achieve 100% renewable generation by 2025, and attain net-zero GHG emissions by 2050 or earlier.