
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.
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