India, Indonesia and the Philippines join the coal transition program.
Glasgow: India, Indonesia, and the Philippines will join South Africa as the first recipients of a multi-million dollar pilot program aimed at accelerating their transition from coal to clean energy, the Climate Investment Fund (CIF) said on Thursday.
The four countries account for 15% of global emissions related to coal, the dirtiest fossil fuel. Reducing your emissions faster will help the global effort to achieve net-zero carbon emissions by 2050, a key goal of the current United Nations COP26 climate summit in Glasgow, Scotland.
Indonesian Energy Minister Arifin Tasrif said his country was committed to downsizing and replacing its coal-fired power plants with renewable energy in the energy transition.
“Climate change is a global challenge that must be addressed by all parties leading by example,” he said in a statement.
The CIF said that the Accelerating the Coal Transition (ACT) program was the first to target developing countries, which lack adequate resources to finance the abandonment of coal, considered vital to limit the rise in global temperature to 1.5 degrees Celsius (2.7 degrees Fahrenheit) by 2030.
South Africa announced on Tuesday that it would be the first beneficiary.
Coal-burning, the largest source of global temperature rise, faces competitive challenges from renewable energy sources, and the number of uncompetitive coal plants is expected to grow by more than two-thirds globally by 2025.
“Coal is a high-emission energy source at odds with a climate-smart future,” said Mafalda Duarte, executive director of CIF, which was created by the world’s largest economies in 2008 to help the poorest countries accelerate your shift to a low-carbon economy. economy.
“Markets are beginning to trend in the right direction, but the transition is not happening fast enough to respond to the urgency of the climate crisis.”
The new program has been backed by the advanced economies of the Group of Seven and is backed by financial commitments from the United States, Britain, Germany, Canada and Denmark, the CIF said.
It will invest in projects ranging from strengthening countries’ national capacity to manage energy transitions to reusing or decommissioning coal assets and creating economic opportunities for coal-dependent communities.
The project will work with six multilateral development banks to offer coal transition countries a comprehensive set of financial tools that includes low-income loans and technical assistance.
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