Mar 4

Exploring Financial Mechanisms for Early Coal Retirement

This PPCA Summit session brought together representatives from governments, utilities, labour advocacy groups, and multilateral organisations, as well as technical and financial sector experts, to discuss the application of financial mechanisms that can support an economic and just transition from coal to clean energy.

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Context

Coal is no longer the cheapest way to power the global economy. Analysis by Rocky Mountain Institute, the Carbon Tracker Initiative, and Sierra Club of 2,500 coal plants worldwide shows that the global share of uncompetitive coal plants – those more expensive to continue operating than it is to build new renewable energy with storage – will increase rapidly from 39% today to 60% in 2022 and 73% in 2025. 

Supporting the transition to clean energy could already save electricity customers around the world $39 billion in 2020, with this number quickly rising to $86 billion in 2022 and $141 billion in 2025. The increasing competitiveness of clean energy is enabling new opportunities to invest in clean infrastructure, create new jobs, and accelerate the phaseout of coal power in alignment with Paris Agreement objectives.

Session description

This roundtable brought together representatives from governments, utilities, labor advocacy groups, and multilateral organizations, as well as technical and financial sector experts, to discuss the application of financial mechanisms for accelerated coal phaseout introduced in last year’s report, How to Retire Early

Participants focused on the applicability of this approach in two countries, South Africa and Poland. They drew upon the report numbers, as well as their extensive experiences, to show where and how these mechanisms have been successfully implemented in the past and how they can now be effectively applied in other regions to support an economic and just transition from coal to clean energy. 

Agenda & Speakers

10 mins
5 mins
10 mins
30 mins
35 mins
5 mins

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