DUBAI – Singapore’s central bank launched a coalition on Dec 4 to help accelerate early coal power plant retirements, and also announced two pilot projects that aim to demonstrate how this might be achieved using revenue from the sale of high-integrity carbon credits.
DUBAI – A consortium led by the Rockefeller Foundation has launched a pilot initiative to use carbon credits to retire a coal power plant in the Philippines before the end of its natural life, it said on Monday during the COP28 climate talks in Dubai.
The Monetary Authority of Singapore (MAS) today announced the launch of the Transition Credits Coalition (TRACTION) and two pilot projects to test the use of high-integrity transition credits in transactions for the early retirement of coal-fired power plants (CFPPs).
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.
ACEN is the first energy company in Southeast Asia to announce its Net Zero roadmap that includes near-term scope 1, 2 and 3 greenhouse gas (GHG) emissions reduction targets, aligned with a 1.5°C pathway for the power sector.
While everyone was focused on the ongoing COP27 in Sharm El-Sheikh, a breakthrough in energy transition financing happened in Asia on November 8 with the completion of the first-ever energy transition mechanism (ETM) by a small power plant in the Philippines that can be the model for other private sector ETM transactions.
Full completion of the world’s first market-based Energy Transition Mechanism (ETM) transaction, which will enable the early retirement of the 246 MW SLTEC coal plant and its transition to cleaner technology
New collaboration supports “rapid but careful” energy transition 04 November 2022 – Today, at the UN Climate Change Conference (COP26), Laurence Tubiana, CEO of our partner the European Climate Foundation, introduced an exciting new collaboration: the Coal Asset Transition Accelerator (CATA). We are proud to support this initiative, which aims to speed up a fair…
ACEN, the Ayala Group’s listed energy platform, approved the divestment of all its shares in its wholly owned subsidiary, South Luzon Thermal Energy Corporation (“SLTEC”), through energy transition financing. The 244 MW coal plant in Calaca, Batangas, is the only coal plant under ACEN’s portfolio. Subject to regulatory approval, the shares will be acquired by ETM Philippines Holdings, Inc. (“EPHI”) and The Insular Life Assurance Company, Ltd. (“InLife”) for an aggregate value of ₱3.7 billion.
ACEN, the Ayala group’s listed energy platform, successfully signed an Amended and Restated Omnibus Loan and Security Agreement for its wholly-owned subsidiary, South Luzon Thermal Energy Corporation (SLTEC) with Bank of Philippine Islands and Rizal Commercial Banking Corporation as lenders.
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