Major currency companies, joined by British insurer Prudential and British banking giant HSBC, have plans to push for the closure of Asia’s coal-fired power plants in the face of the climate crisis.
The initiative, led through the Asian Development Bank and also involving global lender Citi and BlackRock Real Assets, aims to create public-private partnerships to buy polluting factories and close them within 15 years.
The timeline is much shorter than the same previous life of the sites and gives staff time to retire or find a new job, while allowing countries to switch to renewable energy sources.
The organization plans to prepare the agenda for the UN meteorological convention COP26 to be held in Glasgow in November.
The move comes as advertising and progression banks, pressured by primary investors, are withdrawing from funding new power plants to meet emissions targets and fight climate change.
Coal-fired power plants account for about one-fifth of greenhouse fuel emissions, making them the biggest polluters.
However, a major impediment has been the location of new countries in Asia, which have the world’s last and largest low-carbon power plants, to make the most of the billions already spent and transferred to renewables.
Donald Kanak, president of Prudential’s Insurance Growth Markets, said: “If you can find an orderly way to upgrade those previous plants and eliminate them overnight, it opens up a more predictable and vastly larger area for renewables.
AfDB Vice-President Ahmed M Saeed said: “The personal sector has concepts on how to fight climate change and we are closing the gap between them and the official sector.
He said the first acquisition under the proposed program could take a stand next year.
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As a component of the group’s proposal, the AfDB has allocated around $1. 7 million (£1. 2 million) for feasibility studies covering Indonesia, the Philippines and Vietnam, to estimate the prices of an early closure, which assets can be acquired and have interaction. with governments and other groups.
The International Energy Agency expects global demand for coal to increase to 4. 5% in 2021, with Asia accounting for 80% of that growth.
Meanwhile, the International Panel on Climate Change (IPCC) is calling for relief in coal-fired power generation from 38% to 9% of generation by 2030 and 0. 6% by 2050.
Sky News has unveiled the first prime-time news programme on climate change.
The Daily Climate Show airs at 6. 30 p. m. and 9. 30 p. m. de Monday to Friday on Sky News, Sky News and the app, on YouTube and Twitter.
Presented through Anna Jones, follow Sky News correspondents as they investigate how global warming is turning our landscape and how all of ours.
The screen also highlights responses to the crisis and how small adjustments can make a difference.