The Rockefeller Foundation has announced a collaboration with ACEN, a major energy player in the Philippines. With the assistance of the Monetary Authority of Singapore (MAS), the collaboration aims to utilize funds obtained through carbon financing to facilitate the early decommissioning and transition to renewable energy of a coal-fired power plant in the Philippines. If successfully completed, this initiative would set a global precedent.
The "Coal to Clean Credit Initiative" (CCCI) will expedite the decommissioning of a 246 MW coal-fired power plant under the South Luzon Thermal Energy Corporation. The goal is to retire and transition the plant by as early as 2030, a decade ahead of the initially scheduled retirement date.
