Towards a Managed and Just Energy Transition

ACEN has partnered with The Rockefeller Foundation’s Coal to Clean Credit Initiative (CCCI) and the Monetary Authority of Singapore (MAS) for a major step towards accelerating the phaseout of coal plants in line with the Paris Agreement.

ACEN President and CEO Eric Francia, The Rockefeller Foundation SVP for Climate and Power Ashvin Dayal and MAS Managing Director Ravi Menon made the announcement during the 28th Conference of the Parties (COP28) on December 4 in Dubai. 

The pioneering initiative seeks to develop the world’s first transition credit (coal-to-clean pilot project) that would leverage carbon finance to phase out a coal-fired power plant and replace it with renewable energy.

Transition credits will enable ACEN to further accelerate the transition of the 246 MW SLTEC coal plant to clean technology as early as 2030. In 2022, ACEN successfully implemented the world’s first market-based energy transition mechanism (ETM) for the divestment and early retirement of the SLTEC plant and its transition to cleaner technology.

Francia spoke about ACEN’s ETM at several events at COP28, most notably on the main stage on December 5 in the panel discussion on “Accelerating a Managed and Just Phasedown of Coal.” Earlier, he participated in sessions on “Managing the Phaseout of Coal-Fired Power Plants: Economic Viability” and the “Coal-to-Clean Credits Initiative.” He also presented on “Emerging Success Stories for a Just Coal-to-Clean Transition: The Example of ACEN in the Philippines” and the “High-Level Call for Action on Coal Phaseout.”

Read more at COP28: ACEN, The Rockefeller Foundation and Monetary Authority of Singapore partner to pilot the use of Transition Credits for the early retirement of coal plants (acenrenewables.com)