ACEN and Rockefeller Foundation Pilot Could Avoid up to 19 Million Tons of CO2 via Carbon Financing

StreetInsider04-17

New analysis led by RMI assesses the climate impact of closing a Philippines coal plant 10 years early and replacing it with renewable energy, via the Coal to Clean Crediting Initiative (CCCI) ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nACEN and Rockefeller Foundation Pilot Could Avoid up to 19 Million Tons of CO2 via Carbon Financing\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-17 16:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=23075788><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New analysis led by RMI assesses the climate impact of closing a Philippines coal plant 10 years early and replacing it with renewable energy, via the Coal to Clean Crediting Initiative (CCCI)\n...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=23075788\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0516423091.SGD","symbol_name":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","start_time":0,"source_url":"https://www.streetinsider.com/dr/news.php?id=23075788","article_id":"2428954203","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2428954203","pubTimestamp":1713342480,"sourceInfo":{"source_id":"highlight_streetinsider","name":"StreetInsider"},"weMediaInfo":null,"summary":"New analysis led by RMI assesses the climate impact of closing a Philippines coal plant 10 years early and replacing it with renewable energy, via the Coal to Clean Crediting Initiative . Elizabeth Yee, Executive Vice President of The Rockefeller Foundation, Eric Francia, President & CEO of ACEN Corporation, announce the CCCI update during Ecosperity Week. There are over 6,500 coal-fired units in operation across the world, which collectively will emit an estimated 190 billion tons of CO2 over their remaining operational lifetimes. The majority are insulated from market competition by long-term contracts. In response, CCCI is designing and testing a new methodology which leverages carbon credit finance to accelerate a managed and equitable phase-out of coal plants in emerging economies and to incentivize their replacement with clean power, while supporting the lives and livelihoods of affected workers. CCCI and ACEN are working with the Monetary Aut","collect":0,"end_time":0,"defaultTopTitle":"streetinsider.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","BK4122":"互联网与直销零售","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0823426308.USD":"法巴中国股票基金","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0051755006.USD":"摩根大通中国A (dist)","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","BK4548":"巴美列捷福持仓","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU0823426480.USD":"法巴中国股票经典Dis","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","MAS":"马斯科","LU0359201612.USD":"贝莱德中国基金A2","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","BK4531":"中概回港概念","BK4553":"喜马拉雅资本持仓","LU0650527681.SGD":"Fidelity China Consumer A-SGD","BK4585":"ETF&股票定投概念","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","BK4558":"双十一","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","BK4509":"腾讯概念","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","BK4535":"淡马锡持仓","BK4220":"综合零售","SG9999014674.SGD":"Nikko AM All China Equity A SGD","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","CCCI":"China Cable & Communication, Inc.","BK4501":"段永平概念","SG9999002463.SGD":"LionGlobal China Growth SGD","LU1720050803.USD":"安联全方位中国股票基金","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD"},"translate_title":"ACEN和洛克菲勒基金会试点项目可以通过碳融资避免多达1900万吨二氧化碳","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MAS":1,"CCCI":1},"content_text":"New analysis led by RMI assesses the climate impact of closing a Philippines coal plant 10 years early and replacing it with renewable energy, via the Coal to Clean Crediting Initiative (CCCI)\nElizabeth Yee, Executive Vice President of The Rockefeller Foundation, Eric Francia, President & CEO of ACEN Corporation, announce the CCCI update during Ecosperity Week\nSINGAPORE, April 17, 2024 /PRNewswire/ -- ACEN Corporation and The Rockefeller Foundation announced today that the first Coal to Clean Credit Initiative (CCCI) pilot project under consideration in the Philippines could avoid up to 19 million tons of carbon dioxide (CO2) emissions. An RMI-led assessment supported by The Rockefeller Foundation explored the climate impact of leveraging carbon finance to close South Luzon Thermal Energy Corporation (SLTEC) coal plant in 2030 – ten years ahead of its scheduled retirement – and replacing it with clean power and battery storage, while supporting the livelihoods of workers affected by the plant's early transition.\n\n\n\n\n\nAnnounced during Financing Asia's Transition Conference, the analysis applied CCCI's draft methodology, currently under review by Verra, to assess SLTEC's eligibility for carbon financing. It found that the project meets the eligibility criteria of the draft methodology and that decommissioning by 2030 would not be possible without carbon finance.\nEric Francia, President & CEO of ACEN Corporation, said: \"We are delighted to accomplish this important milestone of confirming the project's eligibility under CCCI's draft methodology. This paves the way to fully develop the just transition plan and engage with potential buyers of carbon credits. We will continue to build on this momentum and hopefully deliver a successful pilot project.\" \nDr. Rajiv J. Shah, President of The Rockefeller Foundation, said: \"Today's announcement is an important next step for CCCI and everyone counting on innovative technical and financial solutions to the threat of climate change. Right now, vulnerable people around the world are already experiencing the effects of climate change first and worst. This pilot can give us the necessary data, lessons, and hope to replicate a similar approach in other emerging markets and developing economies, potentially avoiding billions of tons of carbon emissions while providing clean, reliable electricity to those who need it most.\"\nThere are over 6,500 coal-fired units in operation across the world, which collectively will emit an estimated 190 billion tons of CO2 over their remaining operational lifetimes. The majority are insulated from market competition by long-term contracts. In response, CCCI is designing and testing a new methodology which leverages carbon credit finance to accelerate a managed and equitable phase-out of coal plants in emerging economies and to incentivize their replacement with clean power, while supporting the lives and livelihoods of affected workers. CCCI and ACEN are working with the Monetary Authority of Singapore (MAS) to advance the project.\nRMI, a technical partner of The Rockefeller Foundation under CCCI, led the initial assessment of the eligibility of the SLTEC transaction using the CCCI methodology. It found that a carbon credit-backed retirement as early as 2030 could yield positive financial, social, and climate outcomes when compared to a 2040 retirement. It also found that carbon finance would be required to cover three categories of cost: (1) costs associated with the early retirement of SLTEC's contract; (2) costs associated with 100% clean replacement of SLTEC's generation; and (3) decommissioning and just transition needs. Further due diligence was recommended to transparently stress test key assumptions.\nThis is the first update on the partnership between ACEN, CCCI, and MAS since COP28, when the intention to collaborate on a transition credits pilot was announced.\nIn line with project plans and ongoing dialogues with partners, ACEN, which fully divested from SLTEC in 2022 and is coordinating the early closure of SLTEC with the owners of the plant for this pilot project, seeks to complete the Project Design Document (PDD) for the pilot by 2024, aligned to an approved standard and methodology. The PDD will further provide details on the programs to ensure a just transition for affected communities and workers following a consultative process, as well as plans for the responsible decommissioning of SLTEC and the rollout of an affordable and reliable energy replacement for the CFPP (i.e., through wind, solar PV, and battery). \nBy 2025, ACEN hopes to finalize buyer discussions and reach a financial close for this world's first coal-to-clean carbon credit transaction.\n###\nAbout ACEN Corporation\nACEN is the listed energy platform of the Ayala Group. The company has around 4,800 MW of renewable energy capacity in operations and under construction across its key markets in the Philippines, Australia, Vietnam, India, and Indonesia.\nAs one of the fastest-growing platforms for renewable energy in the Asia Pacific region, ACEN aims to increase its renewable capacity to 20 GW by 2030. This goal will help provide clean, reliable, and affordable energy to more people.\nACEN is committed to achieving its goal of 100% renewable energy in its generation portfolio by 2025 and becoming a Net Zero greenhouse gas emissions company by 2050.\nhttps://www.acenrenewables.com\nAbout The Rockefeller Foundation\nThe Rockefeller Foundation is a pioneering philanthropy built on collaborative partnerships at the frontiers of science, technology, and innovation that enable individuals, families, and communities to flourish. We make big bets to promote the well-being of humanity. Today, we are focused on advancing human opportunity and reversing the climate crisis by transforming systems in food, health, energy, and finance. For more information, sign up for our newsletter at rockefellerfoundation.org and follow us on X @RockefellerFdn.\n View original content to download multimedia:https://www.prnewswire.com/news-releases/acen-and-rockefeller-foundation-pilot-could-avoid-up-to-19-million-tons-of-co2-via-carbon-financing-302119256.html\nSOURCE The Rockefeller Foundation","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428954203"}