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ADB increases support for energy transition in Asia

A new financing tool that allows Asian governments to force coal-fired power plants to shut down early is set to launch its first project in Indonesia following months of negotiations, according to the Asia Development Bank (ADB).
ADB increases support for energy transition in Asia ảnh 1Illustrative image (Photo: https://www.thestar.com.my/)
Jakarta (VNA) – A new financing tool that allows Asian governmentsto force coal-firedpower plants to shut down early is set to launch its first project inIndonesia following months of negotiations, according to the Asia DevelopmentBank (ADB).

ADB's senior climate advisor Warren Evans said the bank’s energy transition mechanism (ETM) makes use of private andpublic capital to refinance investments in coal-fired power plants, allowingpower purchase agreements to be shortened and plants to be shut as much as adecade earlier than planned.

Negotiations on the “Cirebon One” project in Indonesia werenow on schedule, and talks were also underway to launch a similar project inthe Philippines, he said.

This is the first that has ever been done, so there are a lotof challenges and uncertainties to be resolved, but the negotiations areproceeding, he noted.

The mobilisation of climate finance to helpdeveloping countries adapt to climate change will be a major theme at COP28climate talks in Dubai this year, Evans added.

ADB recently launched its Innovative Finance Facility forClimate in Asia and the Pacific (IF-CAP), a donor-backed guarantee facilityallowing the bank to free up billions of USD of capital for loans to climateprojects in the region./.
VNA
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