The PPCA aims to:
- secure commitments from governments and the private sector to phase out existing unabated coal power;
- encourage a global moratorium on the construction of new unabated coal-fired power plants;
- shift investment from coal to clean energy, including by working to restrict financing for coal-fired projects;
- achieve coal phase-out in a sustainable and economically inclusive way, including appropriate support for workers and communities.
The PPCA is at the forefront of the global effort to deliver the Paris Agreement. Phasing out coal-fired electricity is one of the most important steps to tackle the climate crisis. The IEA found that CO2 emitted from coal combustion was responsible for over a third of the 1°C increase in global average annual surface temperatures above pre-industrial levels. This makes coal the single largest source of global temperature increase.
The PPCA encourages all members to endorse the PPCA Declaration - including a commitment to phase out coal by 2030 in the OECD and EU, and by no later than 2050 in the rest of the world. It also offers membership to national governments that are taking ambitious actions on coal phase-out (but that are not yet able to meet the 2030 and 2050 timeframes).
In addition to supporting the PPCA Declaration, financial institutions as members of the PPCA commit to the PPCA’s Finance Principles, which include no new financial services and investments for unabated coal-fired power and advocacy for the phase-out of existing capacity.
Since its launch by the UK and Canadian governments at COP23 in 2017, the PPCA has been increasing its reach and influence. It currently has over 100 members who are playing a pivotal role in driving global coal phase-out efforts. One third of the OECD’s total coal capacity has now been scheduled to close by 2030 through retirement commitments and phase-out policies - PPCA members are driving this shift.