Financing for energy transition in Asean gains momentum at COP28
[DUBAI] Plans to corral capital to finance South-east Asia’s transition to a low-carbon economy is underway at the annual United Nations climate change conference - the latest development being the first early retirement of a coal plant in Indonesia.
On Sunday (Dec 3) at the Indonesia pavilion at COP28, Indonesia’s Finance Minister Sri Mulyani announced that the 660-megawatt Cirebon-1 plant will likely cease operations in December 2035 – seven years earlier than its original retirement date of July 2042.
This deal comes one year after South-east Asia’s largest economy inked a US$20 billion Just Energy Transition Partnership (JETP) with a group of developed nations made up mostly from the Group of Seven countries and private-sector banks.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
ESG
EU, ISSB agree on minimising overlaps in company climate disclosures
Family businesses must lead the way in sustainability: TPC’s Chavalit Frederick Tsao
Australia grants feasibility licences for offshore wind farms
Asset owners can’t afford to sidestep sustainability
US reforms green law to speed clean energy, infrastructure permits
Singapore’s chance to become a global leader in sustainable aviation fuel