Climate Investment Funds (CIF) began the first-ever effort to advance a transition from coal power to clean energy in emerging countries through the launch of the Accelerating Coal Transition (ACT) investment program with funding of nearly $2.5 billion.
Launched at the Energy Day on Thursday at the 26th session of the Conference of the Parties (COP26) to the United Nations Framework Convention on Climate Change, South Africa, India, Indonesia, and the Philippines, representing over 15% of coal-related emissions globally, were selected as the first beneficiaries of the initiative.
Promoting a shift away from coal power generation and a transition to clean energy is a key priority of the COP26 in Glasgow, and essential to limiting the global temperature rise to 1.5°C by 2030, a key target of the Paris Agreement.
During her speech on the latest program, Mafalda Duarte the CEO of CIF, said the program will be implemented with the help of about $2.5 billion with plans to mobilize around $25 billion in the next few years to focus on three key areas.
She said the first will focus on regulatory changes and institutional changes in local communities that have been dependent on coal.
Secondly, she explained that the program will support measures to help skills development and social protection diversification of local economies, and the third key area will be in the repurposing of retired coal-fired power plants and mines.
By Gulsen Cagatay and Nuran Erkul Kaya in Glasgow, Scotland