A group of financial firms have come together to speed the closure of Asia’s fossil fuel power plants, the world’s largest source of carbon emissions.
Under the proposals,
They will then work to shut them down over a 15 year time period, far shorter than the normal lifespan of such an asset.
The group plans to have a working model for the proposal, which was revealed by Reuters, ready by the start of
Sources said that early talks with Asian governments and multilateral banks had been “promising”.
“The private sector has great ideas on how to address climate change and we are bridging the gap between them and the official-sector actors,”
He added that the first purchase under the scheme could come as early as next year.
Coal-fired power accounts for about a fifth of the world’s greenhouse gas emissions, making it the biggest polluter.
Ahead of the UN’s flagship climate summit this November,
However, the plan was met with some scepticism by environmental campaigners.
“Otherwise, this is just
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