Our progress
“We’ve been collaborating with our partners to address the challenges of the energy transition. By pioneering the Transition Credits mechanism, we’re accelerating decarbonization and demonstrating a viable path for coal-dependent economies. We hope this will inspire other coal plant owners to start their own clean energy journeys.”
Eric Francia
President & CEO
2023
At COP 28 in Dubai, ACEN announced its partnership with The Rockefeller Foundation’s Coal to Clean Credit Initiative (CCCI) and the Monetary Authority of Singapore (MAS) to explore a first-of-its-kind solution to accelerate the early retirement of coal plants.
The initiative aligns with the Paris Agreement, leveraging climate finance to catalyze the shift from coal to clean energy.
ACEN also shared its Just Energy Transition roadmap, developed in partnership with the Coal Asset Transition Accelerator (CATA). The roadmap lays the foundation for a transition that’s not just fast — but fair. It prioritizes social equity and economic inclusion for the communities and workers most impacted by the move away from coal.
2024
In August, ACEN signed a Memorandum of Understanding with GenZero and Keppel Ltd. to jointly explore the origination and utilization of Transition Credits to accelerate the retirement of the SLTEC coal plant, and replace it with a clean energy dispatch facility. Collaboration entails the development of end-to-end technological solutions and an economic model of the coal-to-clean transition of the 246 MW coal-fired power plant with a mid-merit Integrated Renewables and Energy Storage System.
2025
In May, at Ecosperity Week in Singapore, Verra CEO Mandy Rambharos announced the approval of the Coal to Clean Credit Initiative (CCCI) Methodology under Verra’s Verified Carbon Standard (VCS) Program. This pioneering framework enables the issuance of high-integrity transition credits by supporting the early retirement of coal-fired power plants and their replacement with renewable energy sources.
Adding further momentum to the initiative, Mitsubishi Corporation and its subsidiary, Diamond Generating Asia (DGA), formally joined the collaboration through the signing of a Deed of Accession to the Memorandum of Understanding originally established in 2024 by ACEN, GenZero, and Keppel. This development marks a critical step toward scaling credible climate solutions and accelerating the region’s transition to clean energy.
