India, Indonesia and Philippines join coal transition program

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GLASGOW – India, Indonesia and the Philippines will join South Africa as the first beneficiaries of a multi-billion dollar pilot program to accelerate their transition from coal to clean energy, said announced Thursday the Climate Investment Fund (CIF).

The four countries account for 15% of global emissions from coal, the dirtiest fossil fuel. Reducing their emissions faster will contribute to the global effort for net zero carbon emissions by 2050, a key goal of the United Nations COP26 climate summit https://www.reuters.com/business/cop in Glasgow , in Scotland.

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Indonesian Energy Minister Arifin Tasrif said his country is committed to reducing and replacing its coal-fired power plants with renewable energies in the energy transition.

“Climate change is a global challenge that must be met by all parties by leading by example,” he said in a statement.

The CIF said the Coal Transition Acceleration (ACT) program was the first to target developing countries that lack sufficient resources to finance the phase-out of coal, a move seen as vital to limiting the rise in coal. global temperature to 1.5 degrees Celsius by 2030.

South Africa https://www.reuters.com/business/environment/us-eu-others-will-invest-speed-safricas-transition-clean-energy-biden-2021-11-02 said on Tuesday that it would be the first beneficiary.

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The new program has been approved by the Group of Seven Advanced Economies and is backed by financial commitments from the United States, Britain, Germany, Canada and Denmark, CIF said.

Denmark has announced that it will donate 100 million Danish kroner ($ 15.5 million) to “the program’s efforts to buy and dismantle coal-fired power stations and invest in new sources of energy.”

“We need to have sustainable plans for dismantling coal-fired power plants. For example, we need to guarantee alternative jobs for the local population, including retraining programs, ”Danish Foreign Minister Jeppe Kofod said.

Coal combustion, the main source of global temperature rise, faces competitive challenges from renewable energy sources, with the number of uncompetitive coal-fired power plants set to increase by more than two-thirds worldwide. by 2025.

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“Coal is a high-emission energy source at odds with a climate-smart future,” said Mafalda Duarte, chief executive of CIF, which was created by the world’s largest economies in 2008 to help countries the poorest to accelerate their transition to a carbon economy.

“The markets are starting to move in the right direction, but the transition is not happening fast enough to respond to the urgency of the climate crisis,” said Duarte.

It will invest in projects ranging from strengthening the national capacity of countries to manage energy transitions to the reallocation or decommissioning of coal assets, and the creation of economic opportunities for coal dependent communities.

The project will work with six multilateral development banks to provide coal transition countries with a comprehensive financial toolkit that includes low-income loans and technical assistance.

(Reporting by Andrea; Additional reporting by Stine Jacobsen; Editing by William Mallard and Edmund Blair)

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