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GFANZ Consults on APAC Coal Phase-out 

The Glasgow Financial Alliance for Net Zero’s (GFANZ) APAC Network has launched a consultation on voluntary guidance for financing the early retirement of coal-fired power plants in Asia-Pacific as part of a just net zero transition. Coal power generation is the largest source of carbon dioxide emissions globally. Although coal power usage globally most likely peaked in 2022, it is expected to continue to rise in Asia for several more years due to growing energy demand in the region. The final guidance will build on emerging frameworks for the managed phaseout of coal-fired power plants, including GFANZ’s Managed Phaseout of High-Emitting Assets guidance released last year. Mary Schapiro, Vice Chair, GFANZ, said: “The early retirement of coal is critical for decarbonizing the global economy to net zero and in Asia-Pacific. As this guidance takes shape, it will become a practical tool for financial institutions to support plans to wind down the use of coal, help identify and implement clean energy projects, and support them to create positive environmental and economic impact.” 


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