Just Transition in Action: Phasing Out Asia's Coal-Fired Power Plants

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Just Transition in Action: Phasing Out Asia's Coal-Fired Power Plants

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Coal is the single largest source of global carbon emissions, and power generation from coal has rebounded to historically high levels, far off the path to net zero consistent with limiting global temperature increases to 1.5°C. In Asia, there are about 5,500 operational coal generators, responsible for 4.5 gigatonnes of carbon emissions per year. Asia's coal plants are also far younger than the coalfleets in the US and Europe, with the majority having decades left to operate. To decisively reduce global emissions, the world needs a strategy for the managed phaseout of coal - especially in Asia where the tension between decarbonisation and development is much more acute than in the West.

Although there is wide interest in coal phaseout in APAC, there are insufficient guidance to enable transactions. Existing research also does not bridge the transition credibility and financial viability concerns.

With that as the context, the GFANZ APAC Workstream together with an industry working group and expert advisory panel is developing a practical guidance to Fls on what a "good" coal phaseout looks like, and how these can be executed in APAC to catalyse transitions.

This panel discussion aims to present the coal workstream's three-prong approach for managed phaseout of coal power generation in APAC, namely Transition Credibility, Financial Viability and Socio-Economic Inclusivity.

This panel session is curated in collaboration with Finance for Net Zero (FiNZ) and Glasgow Financial Alliance for Net Zero (GFANZ) Asia Pacific Network.

Speakers :

Dr Mark Carney

Co-Chair, Glasgow Financial Alliance for Net Zero

UN Special Envoy for Climate Action and Finance
Tim Gould

Chief Energy Economist

International Energy Agency
Tiza Mafira

Director

Climate Policy Initiative
Dr Priyantha D.C. Wijayatunga

Chief, Energy Sector Group

Asian Development Bank (ADB)
Yuki Yasui

Managing Director, Asia Pacific Network

Glasgow Financial Alliance for Net Zero (GFANZ)
Moderator :

Piyush Gupta

CEO

DBS Group