A foundational pillar of addressing climate change that was unthinkable only three years ago is now becoming reality: the early retirement of coal-fired power plants in emerging economies. During the G20, Indonesia launched its Just Energy Transition Partnership (JETP) – a breakthrough climate finance partnership designed to mobilize $20 billion in public
and private financing over the next 3-5 years in support of Indonesia’s accelerated and equitable energy transition. Under the new partnership, Indonesia, one of the world’s most coal-dependent developing countries, has committed to reach an emission peak in its power sector by 2030, and systematically retire its coal fleet over the next three decades. At the same time, the Asian Development Bank (ADB) and Indonesia signed a Memorandum of Understanding to explore the early retirement of Cirebon-1, a 660-megawatt coal-fired power plant (CFPP) owned by CEP in West Java, which would mark the first deal to be developed under ADB’s Energy Transition Mechanism (ETM).
In this issue brief together with our partners at Climate Smart Ventures (CSV) in Singapore/Philippines, we explore key approaches that China can evaluate to secure its position as a rising influence on global climate governance and finance.
About the author(s)
Dr. Christoph NEDOPIL WANG is the Founding Director of the Green Finance & Development Center and an Associate Professor at the Fanhai International School of Finance (FISF) at Fudan University in Shanghai, China.
Christoph is a member of the Belt and Road Initiative Green Coalition (BRIGC) of the Chinese Ministry of Ecology and Environment. He has contributed to policies and provided research/consulting amongst others for the China Council for International Cooperation on Environment and Development (CCICED), the Ministry of Commerce, various private and multilateral finance institutions (e.g. ADB, IFC, as well as multilateral institutions (e.g. UNDP, UNESCAP) and international governments.
Christoph holds a master of engineering from the Technical University Berlin, a master of public administration from Harvard Kennedy School, as well as a PhD in Economics. He has extensive experience in finance, sustainability, innovation, and infrastructure, having worked for the International Finance Corporation (IFC) for almost 10 years and being a Director for the Sino-German Sustainable Transport Project with the German Cooperation Agency GIZ in Beijing.
He has authored books, articles and reports, including UNDP's SDG Finance Taxonomy, IFC's “Navigating through Crises” and “Corporate Governance - Handbook for Board Directors”, and multiple academic papers on capital flows, sustainability and international development.
Lawrence is Managing Partner at Climate Smart Ventures and a seasoned energy finance and ESG advisor with over 15 years experience engaging corporates, investors, philanthropies, family offices, and development agencies in advancing energy transitions, responsible supply chains and innovative finance in Asia.
Yingzhi Sarah TANG is a non-resident fellow at the Green Finance & Development Center. She previously served as Deputy Director for the Green BRI Center at International Institute of Green Finance in Beijing.
She has been leading projects in close collaboration with both Chinese and international partners to better understand the latest development of Chinese overseas investment along the BRI, including policies, strategies and innovative green finance instruments.
Before joining the teams in China, Sarah has worked on insurance and banking sectors’ climate risk assessment projects at UNEP Finance Initiative (Switzerland) and the Intact Centre on Climate Adaptation (Canada).
She holds a research-based Master’s degree in Environmental Studies (Sustainability Management) from University of Waterloo, Canada, and double Bachelor’s degrees in Environmental Studies and Business Administration from both Canada and China.
Lily is an associate at Climate Smart Ventures and enjoys solving problems and seeing the big picture to create meaningful solutions for businesses to become socially, environmentally, and financially sustainable
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