Rockefeller Foundation at COP28 backs early coal retirement using carbon credits

4/12/2023 19:17

        A consortium led by the Rockefeller Foundation has launched a pilot initiative to use carbon credits to retire a coal power plant in the Philippines before the end of its natural life, it said on Monday during the COP28 climate talks in Dubai.
        
        The U.N. talks taking place until Dec. 12 are the latest effort to find a way to wean the world off fossil fuel, but nations are divided over whether to prioritise ways to abate the emissions from the continued burning of coal, oil and gas, or to cease its production as quickly as possible.
        
        In the latest plan to be announced on the sidelines of the summit, the Coal to Clean Credit Initiative (CCCI), supported by Philippine energy company ACEN and the Monetary Authority of Singapore, said it aimed to use carbon credits to decommission the South Luzon Thermal Energy Corporation (SLTEC) plant by as early as 2030, a decade ahead of its current retirement date.